Unit becomes first banking-as-a-service unicorn with USD 1.2 billion valuation
The Israeli banking-as-a-service platform Unit, which allows companies to embed financial services in their products, has raised a USD 100 million in a Series C round led by global software investor Insight Partners.
The round included participation from existing investors Accel, Better Tomorrow Ventures, Aleph, Flourish Ventures and TLV Partners. New investors Moving Capital and Stepstone also joined the round.
A new wave of fintech companies is offering banking services directly to the customer, in what is called embedded finance, and is breaking down what we call a bank into a series of services that can be embedded in numerous ways in applications and websites.
Unit is a leading provider of embedded finance, the ability to integrate banking products into applications of other services such as a supermarket or an electronic products website.
