Insight Partners has led a $100 million funding round for Unit Finance Inc., a startup helps companies launch new financial services faster.

The round, which Unit announced this morning, also included the participation of Accel, Better Tomorrow Ventures, Flourish Ventures, Moving Capital and Stepstone. The startup is now valued at $1.2 billion.

Unit provides a so-called banking-as-a-service platform that enables organizations such as financial technology, or fintech, companies to launch new financial services faster. According to the startup, its platform makes it possible to launch a new service in as little as five weeks.

“Unit’s mission is to help companies launch new banking products that unlock value and expand financial access for all,” said Unit co-founder and Chief Executive Officer Itai Damti. “We’ve seen tremendous success helping high-growth companies launch game-changing revenue streams and banking experiences in weeks.”

A company that provides a fintech platform focused on the consumer market could partner with Unit to issue payment cards for its customers. Unit’s platform provides pre-packaged card issuing features that remove the need for developers to build everything from scratch. The startup also offers related features, such as the ability to create a cashback reward program for users.

In addition to issuing payment cards, companies can use Unit’s platform to let their users create bank accounts. Unit offers account management features and a tool that makes it possible to provide lending products. An analytics dashboard helps companies track user adoption of the fintech products they create with Unit, as well as find revenue growth opportunities.

Unit provides its features through an application programming interface that makes it relatively easy for developers to integrate the startup’s platform with their software. The startup manages regulatory compliance tasks on behalf of customers to further save time. The result, according to Unit, is a significant reduction in the amount of effort required to launch new financial services.

Unit will use its latest $100 million funding round to build new products. In a few months, the startup plans to launch a service that will enable companies to issue corporate credit cards through its platform. Unit will double its headcount by year’s end to support the growth effort.

“Product work is only part of the big picture at Unit,” Damti wrote in a blog post today. “As a leader in a regulated industry, Unit will also continue to add partner banks and invest in its compliance and legal teams.”

The newly announced funding round follows a year in which Unit signed up more than 140 new customers to its platform. Over the past six months, the annualized volume of transactions that the startup helps its customer process grew by a factor of seven, to more than $2.6 billion. 

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