Product Update: May 2022

May was a big month for us; we announced our Series C funding round. Jeff Horing at Insight Partners led the $100M round, which values Unit at $1.2B—the first banking-as-a-service platform to achieve unicorn status.

This new round is the result of hard work, client momentum, and explosive growth. Over the last six months, Unit has:

• Won more than 100 new customers

• Increased transaction volume by 7x, to an annualized volume of $2.6B

• Issued more than 430,000 cards to over 330,000 end-customers

• Increased deposit volumes by 10x

We’re grateful to our customers and partners, from whom we’ve learned so much. We’ll use the new funds to accelerate product development and expand our offering into credit. We’ll be launching business credit cards in the next 3 months, with additional lending products to follow.

In May we also released new features and functionality:

Rewards API - The Rewards API provides new functionality that makes it simple to offer rewards. It also creates a new transaction type that makes it easier to query rewards data for reporting and customer experiences. Now it’s easy to build rewards programs to incentivize cash back, customer referral, engagement, and more. (docs)

Sandbox experience improvements - In Sandbox, users can now quickly and easily understand how API calls create applications, customers, payments, and more. In the Dashboard users can immediately make API calls and see their results.

Tag inheritance for cards - A new setting in the Dashboard will enable any tags added to a card to be inherited by all related authorization requests, authorizations, and transactions. (docs)

White-label Application Form translation - White-Label Application Forms can be translated by specifying the language when you create the form. (docs)

Programmatic authorization of ATM transactions - It’s now possible to control and act on ATM withdrawals and deposits. When an authorization request for an ATM transaction occurs you can programmatically determine whether that transaction should occur and trigger new actions based on that, for example preventing a withdrawal from an ATM that would incur additional fees and notifying the customer. (docs)

Continued Dashboard improvements - We continue to make the Dashboard easier to use and make important information easier to find, this time by updating the home page with more information and reporting.

Ready to bring your own financial features to life? Start building in minutes or request a demo.

Visit our features page to learn about existing capabilities, and explore our future releases using our public roadmap.

To see how existing customers are building on Unit, visit our customer stories page. To keep up with the most recent company and platform updates, subscribe to our updates.