BaaS Platform Unit Raises $100M Series C for Embedded Finance

Unit, a New York City-based BaaS platform that enables companies to embed financial products via APIs, announced a $100M Series C funding round on March 21, 2023. The round was led by Coatue Management and valued the company at approximately $1.2 billion. Prior to this raise, Unit had accumulated $158M in total funding.

The company focuses on providing embedded finance infrastructure primarily for small and medium businesses, allowing non-bank platforms to offer banking, lending, and card products. The raise stood out as the largest BaaS-specific funding event in March 2023, a period when global fintech funding had dipped to roughly $5.5B. Amid heightened FDIC scrutiny on BaaS models following incidents like the Synapse collapse, investors showed preference for established players like Unit.

The capital is intended to scale Unit's embedded finance offerings and expand its platform capabilities.