Pacific West Bank (PWB), the wholly-owned subsidiary of Pacific West Bancorp (OTC: PWBK) and Unit, the leading banking-as-a-service platform, today announced a strategic partnership. The partnership allows companies to embed banking services, provided by PWB, into their products through Unit’s industry-leading platform.
“We’re excited to partner with Pacific West Bank as they share our commitment to compliance, security, and quality,” said Itai Damti, CEO and co-founder of Unit. “Through this partnership, Unit will be able to empower more companies to build better banking solutions that improve financial access and deliver value.”
This partnership will allow both companies to continue their strong growth. Unit is trusted by nearly 200 leading brands to launch and scale financial features. Over the last year, Unit has seen transaction volume cross $4 billion, and deposits increase to more than $500 million. Pacific West Bank had record setting operating profits in 2022 growing net income more than 20% and is poised to continue their growth trajectory.
“We see this partnership as a new opportunity for PWB to accelerate our growth, while expanding our mission to serve unique and diverse communities. We are thrilled to partner with Unit, the banking-as-a-service leader, as we look to take advantage of the exciting new embedded banking industry,” said Jason Wessling, President and CFO of Pacific West Bank.
The strategic partnership has already sourced several promising companies who are preparing to launch banking products in the coming weeks.
“Pacific West Bank is a consistent supporter of the local community and is designated as a Benefit Corporation for Good, valuing people and planet in addition to profit,” said Dana Lawrence, Director of Fintech Compliance at PWB. “Partnering with Unit and innovative fintech brands will be a natural next step for the Bank to increase the positive impact in communities beyond its physical footprint. I’m thrilled to be a part of the team and look forward to creating new economic opportunities in a safe and sustainable manner.”
Dana joined the Bank in August of 2022 and brings over 20 years of experience in financial services with the last 9 years building and scaling compliance and risk management programs for fintech and banking-as-a-service programs.