Earlier this year, Unit announced our first integration with Plaid that allows our clients to move funds seamlessly between end-customer accounts on the Unit platform and external bank accounts. Today, we’re happy to announce Unit is now integrated with Plaid’s open finance platform Plaid Exchange. Plaid Exchange enables Unit clients to be discoverable and connected to the more than 5,000 apps and services in the Plaid network.
For example, consumers that hold deposit accounts created on the Unit platform can now seamlessly connect with apps like Venmo and Robinhood to fund their wallets to pay friends or make investments. Businesses that use expense management software like Expensify can gather transaction data from Unit cards in order to monitor business expenses.
Unit’s Plaid Exchange integration verifies end-user accounts using their phone number. For Unit clients, there is no additional code or cost to get started and added as a financial institution to the Plaid network.
This integration is a huge leap forward for Unit as we fulfill our mission to help companies launch new banking products that unlock value and expand financial access for all. Unit clients will save an estimated 2-6 weeks of engineering time versus connecting to Plaid themselves.