The Israeli banking-as-a-service (BaaS) startup has partnered with Tennessee’s Thread Bank to enable businesses to integrate banking services – including accounts, cards, payments and loans – in their products using a single platform.
The unit’s CEO and co-founder, Itai Damti, said the collaboration with Thread “will enable more companies to offer unique banking solutions.”
Several companies have already signed up and are expected to launch banking and credit products “in the coming weeks”.
Thread Bank is one of four banking partners that power Unit’s BaaS platform. While most BaaS providers rely on a single banking partner, Unit says it maintains multiple banking relationships to support the widest range of financial products and expand customer capacity.
Thread CEO and Chairman Chris Black says the company’s partners are “meticulously selected” and that its banking strategy “will improve the way individuals and small businesses go about day-to-day banking.”
Unit customers include AngelList, HoneyBook, Homebase, Veryable, Roofstock, Hearth, and Benepass.
In May, Unit raised a $100 million Series C funding round, valuing the company at $1.2 billion.