Human beings are known for a myriad of different things, but most importantly, they are known for getting better on a consistent basis. This tendency, in particular, has already fetched us some huge milestones, with technology appearing as a rather unique member of the stated squad. The reason why technology’s credentials are so anomalous is largely because of its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, a closer look would reveal how the whole runner was also very much predicated upon the way we applied those skills across a real-world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. This revolution, as we eventually discovered, will go on to scale up the human experience from every conceivable direction, but even after achieving such a monumental feat, technology will somehow keep on bringing all the right goods to the table. The same has only turned more and more apparent in recent times, and truth be told, a new development around the fintech space can do a lot to make that trend bigger and better moving forward.
Unit, a leading banking-as-a-service player based in New York, is officially set to enable businesses in terms of using the company’s API for developing their own charge cards. As a result, the company’s clients will now able to offer their customers a range of fintech products, such as charge cards, credit card, revolving loan or any other credit products that Unit’s bank partners offer. Also, guess what, they can access these services without even having to worry about stuff like card printing, compliance, transaction tracking, and other related aspects, as Unit will be looking after that on their behalf. Now, there is an argument to be made that charge cards aren’t exactly revolutionary in their nature. In fact, the company’s presumed competitors in Brex and Ramp have been offering the stated product for a long time, but mind you, there is one major difference. While other companies in this niche usually focus on selling a card to startups, Unit, on its part, gives them the freedom to personalize those cards for their individual set of customers.
“If you’re a company that sells to construction companies, instead of your customers finding other solutions in the market, you can just embed [lending] into your software,” said Itai Damti, CEO of Unit. “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 bid to expand services comes after it raised $100 million in Series C financing just six months ago. But why did it pick charge cards? Well, by venturing into the stated space, the company can get its customers to build and offer a range of lending products without becoming a lender itself, thus spelling what sounds like a low-risk and high-reward proposition.
“Once you can store money for people, you can move money for people and you can give people money, this is the full spectrum of banking that all these software products can use to launch within their environments,” Damti said.