BaaS start-up Unit partners Thread to offer embedded banking services
Israeli banking-as-a-service (BaaS) start-up Unit has partnered with Tennessee’s Thread Bank to enable firms to embed banking services — including accounts, cards, payments and lending — into their products using a single platform.
Unit CEO and co-founder Itai Damti says the collaboration with Thread will “empower more companies to offer unique banking solutions”.
Several companies have already signed up and are set to launch banking and credit products “in the coming weeks”.
Thread Bank is one of four bank partners powering Unit’s BaaS platform. While most BaaS providers rely on a single bank partner, Unit says it maintains multiple bank relationships to support the widest range of financial products and expand capacity for clients.
Thread CEO and president Chris Black says the company’s partners are “meticulously-selected” and its banking strategy will “improve the way individuals and small business customers manage everyday banking tasks”.
Unit customers include the likes of AngelList, HoneyBook, Homebase, Veryable, Roofstock, Hearth and Benepass.
In May, Unit raised a $100 million Series C round, valuing the company at $1.2 billion.