Israeli fintech company Unit has completed a $ 100 million C round of funding

The Israeli fintech company Unit has completed a $ 100 million C round of funding led by the Insight Fund and with the participation of existing investors Excel Fund, Better Tomorrow Ventures, Aleph Fund, Florish Ventures and TLV Partners, and new investors Moving Capital and Stepstone. The new round of funding is valued at $ 1.2 billion, bringing the total investment in the company since its inception to $ 169.6 million. Unit is the first company in the world in its field of activity (Banking as a service) to reach a value of more than a billion dollars. Unit's revenues are not yet high and will reach double-digit numbers in the coming months.
The company, founded in late 2019 by Itai Damati (CEO) and Doron Somekh (CTO), is developing a platform that allows technology companies to integrate financial services into their products, including creating bank accounts, cards, sending and receiving payments, providing loans and more, quickly, efficiently Reliable and secure The implementation process lasts a few weeks, saving companies the need to deal with the complicated regulation in the financial areas and enabling them to enjoy protection against cyber attacks and fraud prevention.
In the past year, Unit has recorded hundreds of percent growth and today it serves more than 140 customers, including leading technology and fintech companies such as AngelList, HoneyBook, Veryable, Roofstock Hearth and Benepass. In the last six months, the company has issued more than 430,000 tickets to more than 330,000 end customers, the rate of transactions made through the platform has doubled and the annual volume of transactions has reached $ 2.6 billion. The investment money will be used to double the number of employees this year, with an emphasis on expanding the development center in Israel and expanding the product portfolio, including providing loans and launching credit cards for businesses.
"We do not feel it is attractive to receive such a value in a difficult period," Damati tells Calcalist. "On the contrary: it's a kind of medal to raise high value in a period like this. We think the field of financial services is changing historically and as a kind of operating system for money we will help any software product integrate such products. In the long run we have tens of thousands of customers. "We invented the field. You can find there, for example, the $ 90 billion American fintech giant Streep, which recently entered it.