Unit, which enables companies to integrate banking features, has launched its services, alongside the close of an $18.6m round.
The capital was supplied by Better Tomorrow Ventures, Aleph, TLV Partners, Flourish Venture, Operator Partners and a group of 30 angel investors.
In a blog post, Unit CEO and co-founder Itai Damti said, “We’re launching Unit just as the conversation in fintech is shifting from products to audiences. It’s by now become cliche, but in the past decade, every company has become a tech company. Increasingly, many companies also want to be fintech companies — or at least offer financial services to their audiences. Financial features offer more value, increase loyalty and help those companies create game-changing revenue streams.”
He continued to state that this is the beginning of a new era, “FinTech 2.0.”
The issue with current embedded financial features, according to Damti, is that they rely on direct relationships with sponsor banks. This has stifled development and innovation.
Unit claims to be a “true plug-and-play” platform that helps tech companies launch financial features with 90% less time and effort. The platform runs off a set of pre-build bank relationships and let companies easily implement banking services such as accounts, lending, cards and payments.
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