BankingUnit & Thread Bank to Expand Banking-as-a-Service Ecosystem

PRNewswire PRNewswireAugust 11, 20224 min

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 customers 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.

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