Unit: Revolutionizing Embedded Finance with Seamless Banking Solutions for Tech Companies
Company profile
Company business details
Problem that their product solves
Unit solves the problem of integrating complex banking functionalities for software companies. The end users are tech companies looking to enhance their offerings with financial services, and solving this problem is important for them as it allows them to innovate and provide better customer experiences without needing extensive financial expertise.Their unfair advantage
Unit's unfair advantage lies in its comprehensive suite of APIs that allow businesses to offer banking features without needing to build the infrastructure from scratch, streamlining the process of launching financial products.Strategies
Pre-Launch (Product Development & MVP)
Building a Strong Foundation with Partner Banks
In the early stages of Unit, the founders focused on establishing relationships with partner banks, which was crucial for their business model. They met with over 50 banks to find the right partners that would support their vision of embedding financial services into software. This involved extensive travel and discussions to ensure that the chosen banks aligned with Unit's goals. Ultimately, they secured two partner banks to launch their services, which was a significant milestone for the company.
Building in Public
Unit has embraced a culture of transparency and open communication by documenting and sharing their processes, decisions, and learnings publicly. This approach not only builds trust with stakeholders but also positions Unit as a thought leader in the fintech space. The team regularly publishes guides, materials, and insights that contribute to the broader understanding of embedded finance and regulatory challenges. This strategy has helped Unit establish credibility and foster relationships with banks and tech companies alike.
Launch Stage
Simplicity as a Selling Point
During the launch stage, Unit emphasized simplicity in their offerings to attract early customers. The founders communicated the ease of integrating their financial services into existing software products, which resonated with younger companies looking for quick solutions. They managed to close their first 50 deals by celebrating this simplicity and demonstrating how their platform could streamline financial operations for businesses.
Customer Education through Podcasting
Unit's founder, Itai, hosted a podcast to discuss the current state of banking as a service (BaaS) and its evolution. By inviting industry experts and sharing insights, he aimed to educate potential customers and stakeholders about the benefits and future of embedded finance. This approach not only positioned Unit as a thought leader in the space but also helped demystify the concept of BaaS for a broader audience.
Comprehensive Platform Development
Unit developed a comprehensive platform that integrates various banking services, allowing tech companies to build financial products without needing to cobble together multiple vendors. This platform provides a seamless experience for companies like Uber Money, enabling them to quickly launch banking features by making simple API calls. This strategy not only simplifies the development process for tech companies but also positions Unit as a key player in the embedded finance space.
Learn more about Unit
How Unit Operates with Precision with Itai Damti (Co-founder and CEO)
Banking as a Service: Dying or Evolving? (Interview w/ Unit's CEO Itai Damti)
