Unit, the banking-as-a-service platform that empowers companies to embed financial services into their products, announced a partnership with Thread Bank, a digital-first bank based in Rogersville, Tennessee.
Companies will now be able to “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.”
Unit CEO and co-founder Itai Damti said:
“In collaboration with Thread, Unit will be able to empower more companies to offer unique banking solutions based on industry-leading technology and partners.”
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 claims it has “become a market leader in embedded finance by serving customers including AngelList, HoneyBook, Homebase, Veryable, Roofstock, Hearth, and Benepass.”
As covered in May 2022, Unit announced it had raised a $100 million in a Series C round “led by global software investor Insight Partners, with participation from existing investors including Accel, Better Tomorrow Ventures, and Flourish Ventures. New investors Moving Capital and Stepstone also joined the round.”
The latest infusion of capital brings total funding raised by Unit to $169.6 million “with a valuation of $1.2 billion, establishing the company as the first banking-as-a-service platform to reach unicorn status.”
