“The nice thing is that Unit manages almost everything else for you.” “Our team would prefer to dedicate our limited time towards the core product experience,” says Sridhara. Unit makes offering a secure banking product easier by streamlining compliance, so there was no need for AngelList to hire a dedicated team. Most of the technical work of integrating with Unit’s API was accomplished in two weeks by a single engineer. It also required AngelList to devote significant resources to areas in which did not meaningfully contribute to their competitive advantage: things like writing banking policies and procedures, selecting and integrating with compliance vendors, building out KYC and document-submission workflows, conducting manual account reviews, and managing periodic audits and re-certifications-to name just a few.īy partnering with Unit, AngelList found a solution that required a much lighter investment of time, dollars, and other resources. It had taken AngelList considerable engineering, compliance, and operational effort to go live working directly with a bank. AngelList actually had experience with this approach: a few years prior, another business unit within the company had pursued and built out a working relationship with a fintech-oriented bank. ![]() One option was to work directly with a bank. Once AngelList had decided to offer banking to its customers, the next question was how to build it. Without it, we’re just another software tool in a big, messy collection of products.” “Unit has the kinds of granular banking controls we need.” “With it, our platform functions as financial mission control for our customers. “Banking makes every single feature we offer more interesting,” says Sridhara. In the future, they may choose to offer financing to founders, which would come with its own revenue stream. For example, they earn interchange revenue whenever their customers swipe their debit cards. Expense management and/or liquidity for end-usersįinally, banking enables several new revenue streams for AngelList.Analytics for investors (cash-on-hand, etc.).Collecting and executing investor commitments for fundraising rounds. ![]()
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