March 15, 2023
The events surrounding SVB highlighted how important reliability and trust are for a healthy financial system. When we started Unit, we deliberately chose reliability as one of our core values. This week, more than ever, it means showing up as partners, offering support, and educating our ecosystem in the best way possible. I wanted to share our notes and some resources that we’ve put together (in collaboration with our bank partners) as our ecosystem continues to grow and develop.
Unit, its bank partners and our customer relationships were unaffected by the events of the last week. Unit’s four partner banks have well-diversified customer bases across different industries, strong balance sheets, capacity for additional deposits, and access to liquidity. Financial strength and leadership experience have always been areas of focus as we evaluate new bank partners, and they will continue to be as we aim to launch with more bank partners in the coming months. We also care deeply about a sense of partnership and all of our bank partners have over-delivered in the last week. They offered support for our joint customers in multiple ways and showed how much they cared.
Our team also worked hard during this time to support our customers. Our banking operations team answered questions throughout the weekend and processed higher volumes of account openings and incoming payments. We received heartwarming notes from customers that reminded us just how much reliability matters - especially during the weekend (some of them: “just want to convey my thanks to your team”, “thanks for your support today”, “thank you for being amazing partners”).
We also listened to customer feedback and expedited our work on an important topic. Three months ago, we started working closely with our bank partners and a major sweep network on a simple way to increase FDIC insurance coverage for accounts with Unit’s bank partners. We’re about to complete the work and announce it in the coming weeks. For our first supported bank partner, your corporate accounts may be eligible for up to $150 million in FDIC insurance through a sweep network with your partner bank. End-customer accounts may be eligible for up to $2 million in FDIC insurance through a sweep network with your partner bank. You can follow our roadmap item here.
Infrastructure powers the world around us, and banking infrastructure is sometimes taken for granted. As an infrastructure company, not taking things for granted is our job. We are committed to maintaining the highest standards for reliability, redundancy, security, and compliance. We do this with the entire ecosystem in mind: banks, partners, regulators, customers, and their end-customers.
Our leadership team has many years of experience in banking, compliance, law, finance, information security, and operations. We’re all here to help answer any questions you have during this time. You can reach out to me or our team at firstname.lastname@example.org. If you’re a customer or a prospect, we’ll follow up via email with a more extensive set of FAQs on our ecosystem, our financial strength, our bank partners, and answers to questions you may get from your end-customers. If you’re not building on Unit and you’re experiencing issues with your current bank, contact us and we’d love to provide you with the right long-term infrastructure.
I’d like to thank everyone for their ongoing trust, commitment, and hard work: our customers, our team, and our bank partners. The financial system around us continues to evolve every day. The success of our customers’ products proves it. In the last month, we saw card transaction volumes increase by 10%, processed a record number of 200 million API calls and celebrated a big milestone: the millionth end-customer onboarded via the Unit platform.
We’re keeping our eyes on our long-term mission - expanding financial access - but we’re not losing track of the day-to-day work that goes into achieving it. We’re always here for you.