Units banking-as-a-service platform is getting into the charge card game
Summary
According to co-founder and CEO Itai Damti, cards are Unit’s fourth and final pillar as a venture-backed company, adding onto its products in the debit, bank accounts and payments space. If Unit’s new card line sounds competitive with the likes of Brex and Ramp, valued at billions of dollars — I had the same thought, and it’s a little more complicated. “We don’t compete with [Brex and Ramp] per se, but we do allow companies to basically offer an equivalent product and do it in a way that is embedded.” Unit’s expansion sits differently during a particularly tough economic run for fintech companies such as Chime and Stripe, which conducted layoffs over the past few weeks. Unit VP of lending David Sinsky, who recently joined the company after a seven-year stint at Opendoor, explained that the new product could help its customers introduce an entire new line of revenue through interchange fees. “There’s maybe less VC money to spend on Google and Facebook ads, but we’re working with companies that have built differentiated software,” Sinsky said.