Unit releases first-of-its-kind solution that enables companies to launch banking in minutes

NEW YORK, Jan. 20, 2022 /PRNewswire/ -- Unit, the leading banking-as-a-service platform that empowers companies to embed financial services into their products, announced today that it has released a new pilot environment that enables companies to create live bank accounts and issue virtual cards in minutes.

This pilot environment is a first-of-its-kind solution that allows companies to build accounts, cards, payments and more with real funds in minutes. Founders and developers are now able to sign up for a free account and instantly start building.

"In the last year, Unit has enabled more than 100 companies to launch production-ready banking products in weeks when it previously took over a year. We've had customers go from no code to fully live in 21 days." said CEO Itai Damti. "We wanted to make it even faster and easier for companies to build and launch new banking products. With our new pilot environment, companies can now test their product using real funds and build a proof-of-concept to get investor or executive investment in minutes."

Early adopters of the pilot environment were able to start building instantly and quickly validate their use case and flow of funds.

"With Unit, we were building our MVP in minutes, and using our app with real funds in the real world," said Kevin Cox, co-founder of Savvy. "We were able to build a fully functional and secure product in a live environment with confidence that it would work as expected."

Unit's mission is to expand financial access for all by building more tools that empower a new generation of fintech builders. With a unique approach to bank relationships, compliance, and technology, Unit abstracts away the complexities of building and bringing banking experiences to market. The pilot environment further simplifies the difficulties of building banking from years and millions of dollars to minutes.

"We've heard from many clients that the magic moment for them was creating an application, having it approved in 3 seconds, creating a debit card, adding it to Apple Pay and buying a $5 coffee in a coffee shop across the street," said Damti. "Now all developers and founders can have this same 'aha' moment and test their product in the real world."

Since its launch in late 2020, Unit became the banking-as-a-service platform of choice, signing over 100 customers and raising $70m in funding. In the last 3 months of 2021 Unit saw the number of end users grow by 1000%.

ABOUT UNIT

Unit is the leading banking-as-a-service platform that empowers companies to embed financial services into their product. Unit's platform accelerates time to market and enables companies to build and launch bank accounts, cards, payment, and lending products. Unit is headquartered in New York and Tel Aviv and is backed by Accel, Better Tomorrow Ventures, Aleph, Flourish Ventures, TLV Partners, Operator Partners, and more.

For more information, visit www.unit.co.

Unit is a financial technology company and is not a bank. Banking services provided by Blue Ridge Bank N.A; Member FDIC. The Unit Visa® Debit Card is issued by Blue Ridge Bank N.A. pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

MEDIA CONTACT:
Chelsea Allison
[email protected]
312-775-2856

SOURCE Unit