Leverate Co-founders’ New Startup Secures $18.6M in Funding
- Unit was co-founded by Itai Damti and Doron Somech, the Co-founders of B2B trading tech provider Leverate.
Even as the entry barriers into the crowded market for business-to-business Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term are significant, new players are stepping in to tap into this lucrative segment. And one of those rivals is Israeli startup, Unit, which has raised $18.6 million in additional funding, according to a recent report from TechCrunch.
The fresh investment comes nearly a year after Unit secured its initial seed funding of $3.6 million from a handful of Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term VCs in November 2019 and then switched to full building mode. The latest round drew investment from industry players, such as Better Tomorrow Ventures, Aleph, Flourish Ventures, Operator Partners and TLV Partners, as well as 30 angels.
Unit was co-founded by Itai Damti and Doron Somech, the Co-founders of B2B trading tech provider, Leverate. They maintained their respective roles as they had been with Leverate, Damti as CEO while Somech serves as the company’s CTO.
Itai Damti
Unit’s platform addresses the problem of fragmentation in the global payments market. The idea behind its full-stack approach is offering clients the ability to accept all payment methods through one application interface, a digital service it says eliminates the need for companies to develop or buy complicated payments infrastructures.
Businesses can simply plug in the Unit API to provide consumers with a local payment experience. This integrated payments network mainly caters to online marketplaces, fintech services, neo-banks, gig-economy platforms and global retailers, notes Damti.
The San Francisco-based company indicated it plans to use the new funds to pursue multiple objectives, including international growth, hiring new staff, fueling expansion and the development of new products.
“Companies in the freelancer economy are in the great position to bundle more banking services into their platforms for freelancers. Now, it means they can help their freelancers track spending, as well as send payments to them. We have already seen a lot of pickup,” said Unit CEO.
Even as the entry barriers into the crowded market for business-to-business Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term are significant, new players are stepping in to tap into this lucrative segment. And one of those rivals is Israeli startup, Unit, which has raised $18.6 million in additional funding, according to a recent report from TechCrunch.
The fresh investment comes nearly a year after Unit secured its initial seed funding of $3.6 million from a handful of Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term VCs in November 2019 and then switched to full building mode. The latest round drew investment from industry players, such as Better Tomorrow Ventures, Aleph, Flourish Ventures, Operator Partners and TLV Partners, as well as 30 angels.
Unit was co-founded by Itai Damti and Doron Somech, the Co-founders of B2B trading tech provider, Leverate. They maintained their respective roles as they had been with Leverate, Damti as CEO while Somech serves as the company’s CTO.
Itai Damti
Unit’s platform addresses the problem of fragmentation in the global payments market. The idea behind its full-stack approach is offering clients the ability to accept all payment methods through one application interface, a digital service it says eliminates the need for companies to develop or buy complicated payments infrastructures.
Businesses can simply plug in the Unit API to provide consumers with a local payment experience. This integrated payments network mainly caters to online marketplaces, fintech services, neo-banks, gig-economy platforms and global retailers, notes Damti.
The San Francisco-based company indicated it plans to use the new funds to pursue multiple objectives, including international growth, hiring new staff, fueling expansion and the development of new products.
“Companies in the freelancer economy are in the great position to bundle more banking services into their platforms for freelancers. Now, it means they can help their freelancers track spending, as well as send payments to them. We have already seen a lot of pickup,” said Unit CEO.