Unit, a platform that offers banking-as a service, announced Thursday a pilot production environment to allow fintechs to quickly build and validate applications with real funds.
The new product will allow fintechs to set up and test live bank account and issue accounts. Virtual cardsThey can be tested in a real environment and will perform as expected in a matter minutes in some cases. Unit estimates that this could produce fully tested, market-ready products within weeks, rather than months, or even years. Unit allows developers to sign up for a free account and immediately begin testing and building new products in a live environment, the company states.
Unit was the building block of our company. [minimum viable product]Kevin Cox, cofounder at Savvy Technologies Inc. (which enables businesses to offer and improve their health benefits), said in a prepared declaration that he was able build a fully functional app in minutes. We were able build a fully functional, secure product in a live environment and we had confidence that it would work as we expected.
Unit states that Unit has allowed more than 100 companies to launch production ready banking products in weeks over the past year. This is a significant improvement on the time it took previously, which was more than a year. Blue Ridge Bank N.A. provides banking services.
We’ve had customers go from no code to fully live in 21 days,” Itai Damti, Units chief executive, says in a prepared statement. Weve heard from many clients that the magic moment for them was creating an application, having it approved in three seconds, creating a debit card, adding it to Apple Pay, and buying a $5 coffee in a coffee shop across the street. Now all developers and founders can have this same ‘aha’ moment and test their product in the real world.
Since its launch in late 2020, Unit has signed more than 100 clients and raised $70 million in funding.
