Unit raises $100 million

Banking-as-a-service startup Unit has secured $100 million in Series C funding. The round was led by Insights Partners with participation from Accel, Better Tomorrow Ventures, Aleph, and Flourish Ventures.

Founded in 2019, the San Francisco-based startup helps tech companies build financial features into their products such as accounts, cards, payments and lending.

Since launching, Unit has crossed an annualized transaction volume of $2.6 billion, issued over 430,000 cards to over 330,000 customers and saw a 10x increase in deposit volumes.