Unit launches first-of-its-kind solution that enables businesses to start banking in minutes
NEW YORK, January 20, 2022 /PRNewswire/ — Unit, the leading banking platform as a service that enables enterprises to integrate financial services into their products, today announced that it has launched a new pilot environment that enables enterprises to create live bank accounts and issue virtual cards in minutes.
This pilot environment is a first-of-its-kind solution that enables businesses to create accounts, cards, payments and more with real funds in minutes. Founders and developers can now Sign up for a free account and instantly start building.
“Last year, Unit enabled more than 100 companies to launch production-ready banking products in weeks, where previously it took more than a year. We’ve seen customers go from no code to full life in 21 days.” said CEO Itai Damti. “We wanted to make it even faster and easier for businesses to create and launch new banking products. With our new pilot environment, businesses can now test their product using real funds and build a proof of concept to gain the ‘investment of investors or managers in minutes.’
Early adopters of the pilot environment were able to start building instantly and quickly validate their use case and fund flow.
“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 real environment with confidence that it would perform as intended.”
Unit’s mission is to expand financial access for everyone by creating more tools that empower a new generation of fintech builders. With a unique approach to banking relationships, compliance and technology, Unit takes the complexities out of building and bringing banking experiences to market. The pilot environment further simplifies the difficulties of building banks of years and millions of dollars in minutes.
“Many customers have told us that the magic moment for them is to create an app, get it approved in 3 seconds, create a debit card, add it to Apple Pay and buy a $5 coffee at a cafe across the street,” Damti said. “Now all developers and founders can have that same ‘aha’ moment and test their product in the real world.
Since its launch in late 2020, Unit has become the banking platform as a service of choice, signing more than 100 customers and increasing $70 million in financing. In the last 3 months of 2021, Unit saw the number of end users increase by 1000%.
ABOUT THE UNIT
Unity is the leading banking platform as a service that allows businesses to integrate financial services into their product. Unit’s platform accelerates time to market and enables businesses to create and launch bank accounts, cards, payment and lending products. The unit is headquartered at 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 fintech company, not a bank. Banking services provided by Blue Ridge Bank NA; FDIC member. The Unit Visa® debit card is issued by Blue Ridge Bank NA pursuant to license by Visa United States Inc. and can be used anywhere Visa debit cards are accepted.