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August 11, 2022

Unit onboards Thread Bank to enhance BaaS capabilities

Banking-as-a-service (BaaS) platform Unit has formed a partnership with digital-first lender Thread Bank to expand its ecosystem.

The collaboration is aimed at enabling firms to offer a complete suite of banking services including accounts, cards, payments, and lending.

Unit stated that the partnership with Thread Bank is already enabling several companies to offer banking and credit products, which will be launched in the coming weeks.

Notably, Thread Bank is one of the four banking partners supporting Unit’s BaaS platform, which maintains partnerships with multiple banking providers to enhance capabilities and offer a wide range of products.

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.”

Thread CEO and president Chris Black said: “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 is also a nimble, evolving solution that continues to provide customers better products and services over time.”

In May this year, Unit raised $100m in its Series C funding round, which was led by Insight Partners.

The Tel Aviv and New York City headquartered banking technology vendor also counts Accel, Better Tomorrow Ventures, Moving Capital, Flourish Ventures and Stepstone as its backers.

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