Unit, the financial infrastructure platform that powers embedded finance, announced a strategic partnership with Lincoln Savings Bank (LSB).
This collaboration will power LSB to expand its embedded finance offerings and “further cement its reputation as an innovative financial institution.”
Founded in 1902, Lincoln Savings Bank “has a rich history of serving its local communities.”
Over the past decade, LSB has established itself as a key player, “consistently seeking modern and innovative ways to deliver banking services to its customers and fintech partners alike.”
By partnering with Unit, LSB reaffirms its commitment “to offering advanced embedded finance solutions.”
Itai Damti, CEO and co-founder of Unit, said:
“We’re excited to work with Lincoln Savings Bank to reach new digital communities. Our collaboration allows us to enable more companies to offer unique financial solutions. Together, we’re poised to deliver on our vision of expanding access to financial services and building a compliant, scalable digital financial services ecosystem.”
By deploying Unit’s powerful suite of capabilities, LSB can “develop and launch new financial products by reducing complexity and streamlining operations.”
Unit’s scalable infrastructure ensures LSB “can efficiently handle the growth in transaction volumes and end-customers, while enhanced compliance and oversight tools supplement the bank’s already robust regulatory processes and risk management capabilities.”
Unit will also enable the bank “to connect with a diverse array of companies that serve a wide range of use cases.”
Additionally, LSB will leverage Unit’s data-driven insights “to help optimize product performance, effectively monitor activity, and enhance user experiences.”
This strategic alliance with Unit positions LSB “to meet the evolving needs of both partners and end-customers.”
Sean Willett, CEO at Lincoln Savings Bank, said:
“We believe the future of finance is digital, connected, and embedded. We are excited to work with an industry-leading partner who is philosophically aligned in delivering modern financial solutions to customers in a thoughtful and compliant manner.”
This partnership underscores Unit’s growing influence in “the embedded finance space and highlights LSB’s commitment to embracing innovation.”
As embedded finance continues to gain traction, the Unit-LSB collaboration “is poised to drive significant value for businesses and end-customers alike.”
As noted in the update, Lincoln Savings Bank may have been founded in 1902, but they claim to be anything but dated.
While they are proud of their rich history because a strong foundation only enhances their focus on the future – “helping businesses grow and customers protect what they’ve worked so hard to build.”
As mentioned in the announcement, Unit is the financial infrastructure platform that powers modern financial experiences.
Unit provides digital banking technology and embedded finance solutions “to enable banks and technology companies to launch next-gen bank accounts, cards, payments, and lending products.”
Unit is headquartered in New York City and Tel Aviv and is “backed by top investors including Insight Partners, Accel, Better Tomorrow Ventures, Aleph, Flourish Ventures, TLV Partners, and more.”
