Total amount raised
$169.6 Million
Latest funding date
5/1/2022
Location
Unit has successfully raised funding through five rounds, with the most recent being a Series C round led by Insight Partners. The company is backed by 13 investors, including Aleph and Karman Ventures.
Unit's platform offers embedded finance solutions, integrating financial workflows into customer platforms with capabilities like Bill Pay, Accounts & Wallets, Money Movement, Card Issuing, and Capital. Keep reading to explore the intricacies of Unit's fundraising journey and the investors backing this innovative platform.
What Is Unit?
Unit is a financial technology company based in New York, New York, specializing in embedded finance solutions. The company operates in the Banking, Finance, Financial Services, and FinTech industries.
Founded to help tech companies launch embedded finance solutions quickly, Unit has grown to employ between 101 and 250 people. The company offers a range of services, including Bill Pay, Accounts & Wallets, Money Movement, Card Issuing, and Capital.
How Much Funding Has Unit Raised?
- Seed Round
- Amount Raised: USD 3,600,000
- Date: November 2019
- Lead Investors: Better Tomorrow Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company's foundational operations and initial product development.
- Seed Round
- Date: September 2020
- Lead Investors: Aleph
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand the team.
- Series A
- Amount Raised: USD 15,000,000
- Date: December 2020
- Lead Investors: Aleph
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and onboard more customers.
- Series B
- Amount Raised: USD 51,000,000
- Date: June 2021
- Lead Investors: Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand product offerings.
- Series C
- Amount Raised: USD 100,000,000
- Date: May 2022
- Lead Investors: Insight Partners
- Valuation at Round: USD 1.2 billion
- Motivation Behind the Round: To accelerate product development and expand into credit offerings.
Total Amount Raised: USD 169,600,000. Current Valuation: USD 1.2 billion.
Key Investors
- Insight Partners
- Details: Insight Partners is a global venture capital and private equity firm investing in high-growth technology and software companies. They led the Series C funding round for Unit.
- Investment Focus Areas: Technology, software, growth-stage companies.
- Notable Investments: Twitter, Shopify, Qualtrics.
- Accel
- Details: Accel is a global venture capital firm that partners with exceptional founders from inception through all phases of growth. They participated in the Series C funding round for Unit.
- Investment Focus Areas: Technology, software, financial services.
- Notable Investments: Facebook, Slack, Dropbox, Spotify.
- Aleph
- Details: Aleph is a venture capital firm that invests in early-stage technology companies. They have been involved in multiple funding rounds for Unit.
- Investment Focus Areas: Technology, fintech, early-stage companies.
- Notable Investments: Not publicly disclosed.
- Better Tomorrow Ventures
- Details: Better Tomorrow Ventures is a venture capital firm focusing on early-stage fintech companies. They participated in the Series C funding round for Unit.
- Investment Focus Areas: Fintech, early-stage companies.
- Notable Investments: Mercury, Jeeves, Clearco.
- Flourish Ventures
- Details: Flourish Ventures is a global venture capital firm that focuses on financial inclusion and fintech. They participated in the Series C funding round for Unit.
- Investment Focus Areas: Financial inclusion, fintech.
- Notable Investments: Chime, Aspiration, Propel.
What's Next for Unit?
Unit is poised for significant growth as it expands into the credit market, launching business credit cards and additional credit products. With over 140 customers and a 7x increase in transaction volume, the opportunities are vast. The company plans to double its headcount and accelerate product development, leveraging its recent $100 million Series C funding.
Future fundraising seems likely given the rapid growth and ambitious plans. However, challenges such as competition in the fintech sector, regulatory hurdles, and maintaining service quality as they scale could pose obstacles. Despite these challenges, Unit's trajectory suggests a promising future in the embedded finance landscape.
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