# Unit

> Unit is an embedded finance platform that lets software companies add bank accounts, cards, payments, and capital to their products via API — without becoming a bank. Founded in 2019 by Israeli entrepreneurs Itai Damti and Doron Somech, Unit reached unicorn status in 2022 at a $1.2B valuation, becoming the first BaaS provider to hit that milestone. The company processes $80B+ in annual transactions and serves 2M+ end-customers across 140+ software platforms, from workforce management apps to real estate marketplaces.

- **Founded:** 2019
- **Headquarters:** New York, NY, USA
- **Founders:** Itai Damti (Co-Founder & CEO), Doron Somech (Co-Founder & CTO)
- **Team size:** ~147 employees post-2024 restructuring (from ~172 before June 2024 layoffs); offices in New York and Tel Aviv
- **Products:** Accounts & Wallets, Money Movement, Card Issuing, Capital, Ready-to-Launch
- **Notable:** First banking-as-a-service platform to reach unicorn status ($1.2B valuation, May 2022), Raised $170M across three rounds in under three years, $80B+ in annual transactions processed (as of 2024)

## Products & services

- **Accounts & Wallets** — FDIC-insured checking, savings accounts, and wallets for money storage and management — white-labeled for the software company's brand.
- **Money Movement** — ACH transfers, wire transfers, check sending/receiving, real-time payments, bill pay, and ATM access via 55,000+ fee-free Allpoint ATMs.
- **Card Issuing** — Physical and virtual debit cards, prepaid cards, charge cards, and business credit cards — fully programmable, branded, and API-controlled.
- **Capital** — Merchant cash advances, revolving lines of credit, factoring, and business credit cards with programmable decisioning for SMB lending.
- **Ready-to-Launch** — Fully managed embedded finance deployment using a single line of code — live in approximately 3 weeks.
- **White-Label UI Components** — Pre-built, customizable front-end components including Fraud Outreach, Application Forms, Repayment Components, and Card Management — deployable without custom UI development.

## Achievements

- First banking-as-a-service platform to reach unicorn status ($1.2B valuation, May 2022)
- Raised $170M across three rounds in under three years
- $80B+ in annual transactions processed (as of 2024)
- 2M+ end-customers across the ecosystem
- $1.3B+ in deposits, up 65% year-over-year in 2024
- 3,300+ code deployments in 2024 (~9 per day)
- PCI DSS Validated and AICPA SOC Certified
- 8+ FDIC-member bank partners in the ecosystem
- Co-founders previously bootstrapped Leverate to 160 employees and $100B/month trading volume with zero VC funding

## Latest updates

- **2024-06** — Unit laid off approximately 25 employees (~15% of staff) and publicly committed to reaching profitability without additional funding raises, citing regulatory headwinds in the BaaS sector.
- **2024** — Launched Wallets, Audit Logs, Safer Wire Transfers, Business Continuity Tool, and White-Label Components Suite; added two new bank partnerships.
- **2024** — Deposits grew 65% year-over-year to $1.3B+; annual transactions surpassed $80B; end-customers surpassed 2M.
- **2025** — Strategic focus on plug-and-play embedded finance solutions and AP/AR tools for SMBs.

## Links

- Website: https://www.unit.co
- LinkedIn: https://www.linkedin.com/company/unit-finance
- Twitter/X: https://twitter.com/unit_co_
- GitHub: https://github.com/unit-finance

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Profile page: https://yespress.io/unit
Published by YesPress — https://yespress.io
Last updated: 2026-04-23