Unit Partners with Thread Bank to Expand Banking-as-a-Service Ecosystem
NEW YORK, Aug. 10, 2022 /PRNewswire/ -- Unit, the banking-as-a-service platform that empowers companies to embed financial services into their products, today announced a strategic partnership with Thread Bank, a leading digital-first bank based in Rogersville, Tennessee. Companies will now be able to easily embed a complete set of banking services into their products—including accounts, cards, payments, and lending—using a single platform, in a matter of weeks.
"In collaboration with Thread, Unit will be able to empower more companies to offer unique banking solutions based on industry-leading technology and partners," said Unit CEO and co-founder Itai Damti.
Chris Black, Thread CEO and President, said, "We believe the future of banking is digital, connected, contextual, and customer-first. Through meticulously-selected partnerships and technology, our unique and differentiated banking strategy will vastly improve the way individuals and small business customers manage everyday banking tasks. Unit's technology platform is not only proven and secure—it's also a nimble, evolving solution that continues to provide customers better products and services over time. We're thrilled to have Unit as a partner in our journey for engaging more custmers in very new and exciting ways."
Together Unit and Thread Bank are well-positioned to offer customers seamless banking experiences by combining best-in-class finance and technology capabilities. The partnership has already been successful with several companies poised to launch banking and credit products in the coming weeks.
Thread Bank is one of four bank partners powering Unit's Banking-as-a-Service (BaaS) platform. While most BaaS providers rely on a single bank partner, Unit maintains multiple bank relationships to support the widest range of financial products and expand capacity for clients.
Unit has become a market leader in embedded finance by serving customers including AngelList, HoneyBook, Homebase, Veryable, Roofstock, Hearth, and Benepass.
Unit is a banking-as-a-service platform that empowers companies to embed financial services into their product. Unit's platform accelerates time to market and enables companies to build and launch next-gen bank accounts, cards, payments, and lending products. Unit is headquartered in Tel Aviv and New York City and is backed by Insight Partners, Accel, Better Tomorrow Ventures, Aleph, Flourish Ventures, TLV Partners, and more.
Thread combines best-in-class technology with a streamlined experience to reduce the time, effort, and mental energy of business and personal banking. Formerly Civis Bank and Volunteer Bancorp, Inc., Thread was recapitalized by investors with a shared vision in helping business visionaries and dreamers succeed with a financial ecosystem that is connected, contextual, and customer-first. In addition to helping to shape the future of banking through the deployment of new technologies and new methods to deliver banking products and services, Thread operates two full-service branches in East Tennessee, as well as an LPO/DPO and executive office in Brentwood, Tennessee where the holding company is headquartered.