NEW YORK, August 10, 2022 /PRNewswire/ — Unitthe Banking-as-a-Service platform, which enables companies to embed financial services into their products, today announced a strategic partnership with thread banka leading digital-first bank based in Rogersville, Tennessee. Businesses will now be able to embed a full suite of banking services into their products — including accounts, cards, payments and lending — from a single platform in a matter of weeks.
“Working with Thread, Unit will be able to enable more businesses to offer unique banking solutions powered by industry-leading technology and partners,” said Unit’s CEO and co-founder Itai Damti.
Chris BlackThread CEO and President said, “We believe the future of banking is digital, connected, contextual and customer-centric. Through carefully selected partnerships and technologies, our unique and differentiated banking strategy will dramatically improve the way individuals and small businesses work, helping customers complete everyday banking tasks. Unit’s technology platform is not only proven and secure, but also a flexible, evolving solution that provides customers with better and better products and services over time. We’re excited to have Unit as a partner on our journey to engaging more customers in whole new and exciting ways.”
Together, Unit and Thread Bank are well positioned to provide customers with seamless banking experiences by combining best-in-class financial and technology capabilities. The partnership has already been successful as several companies are poised to launch banking and lending products in the coming weeks.
Thread Bank is one of four banking partners operating Unit’s Banking-as-a-Service (BaaS) platform. While most BaaS providers rely on a single banking partner, Unit maintains several banking relationships to support the widest range of financial products and expand capacity for customers.
Unit has grown into a market leader in embedded finance, serving clients such as AngelList, HoneyBook, Homebase, Veryable, Roofstock, Hearth, and Benepass.
Unit is a Banking-as-a-Service platform that enables businesses to embed financial services into their product. Unit’s platform accelerates time to market and enables businesses to build and launch next-generation bank accounts, cards, payments and credit products. The unit is headquartered in Tel Aviv and NYC and is backed by Insight Partners, Accel, Better Tomorrow Ventures, Aleph, Flourish Ventures, TLV Partners and others.
Thread combines best-in-class technology with a streamlined experience to reduce the time, effort, and mental drain on business and personal banking. Previously Civis bench and Volunteer Bancorp, Inc., Thread was recapitalized by investors who share a vision to help business visionaries and dreamers thrive with a connected, contextual and customer-centric ecosystem. In addition to helping shape the future of banking through the use of new technologies and new methods of delivering banking products and services, Thread operates two full-service branches in East Tennesseeas well as an LPO/DPO and a board office in Brentwood, Tennessee where the holding company is based.