Unit Raises $10M Seed for API-First Banking Infrastructure

Unit announced a $10M seed funding round on October 30, 2019, led by Kohlberg Kravis Roberts (KKR) and QED Investors, with participation from Bessemer Venture Partners. The company provides an API-first banking infrastructure platform designed to let fintechs and non-bank companies embed compliant banking products—including deposit accounts and debit cards—into their applications. Unit's platform focuses on scalability and regulatory compliance, abstracting the complexity of bank partnerships for developers.

The seed round positioned Unit to expand its API platform and onboard early fintech customers. The company would go on to raise approximately $100M in total funding by 2020, reflecting strong demand for BaaS infrastructure. The investment highlighted growing investor appetite for middleware layers that simplify banking product distribution.