Unit, which empowers companies to embed financial services into their products, and the Tennessee-based bank will allow companies to embed a complete set of banking services into their offerings, including accounts, cards, payments, and lending, using a single platform, in a matter of weeks, according to the official press release.
Thread’s CEO and President said that they ‘believe the future of banking is digital, connected, contextual, and customer-first. Through meticulously-selected partnerships and technology, Thread Bank’s banking strategy will improve the way individuals and small business customers manage everyday banking tasks. Unit’s technology platform is an evolving solution that continues to provide customers better products and services over time’.
Together, Unit and Thread Bank are positioned to offer customers improved banking experiences by combining better finance and technology capabilities. The partnership has already been successful with several companies poised to launch banking and credit products in the coming weeks, the official press release states.
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 a reportedly wide range of financial products and expand capacity for clients. Unit has become a player in embedded finance by serving customers including AngelList, HoneyBook, Homebase, Veryable, Roofstock, Hearth, and Benepass.
Unit is a Banking-as-a-Service platform that allows companies to embed financial services into their product. Unit’s platform reportedly accelerates time to market and enables companies to build and launch next-gen bank accounts, cards, payments, and lending products. Unit is headquartered in Tel Aviv and New York City and is backed by Insight Partners, Accel, Better Tomorrow Ventures, Aleph, Flourish Ventures, TLV Partners, and more, the press release continues.
Thread combines technology with an improved experience to reduce the time, effort, and mental energy of business and personal banking. Formerly Civis Bank and Volunteer Bancorp, Inc., Thread was recapitalised by investors with a shared vision of helping business visionaries and dreamers succeed with a financial ecosystem that is connected, contextual, and customer-first. In addition to helping to shape the future of banking through the deployment of new technologies and new methods to deliver banking products and services, Thread operates two full-service branches in East Tennessee, as well as an LPO/DPO and executive office in Brentwood, Tennessee where the holding company is headquartered, the official press release concluded.
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