Thread Bank in Rogersville, Tenn., has formed a strategic partnership with Unit, a Banking-as-a-Service (BaaS) platform.
Unit, which helps clients embed financial services into their products, said in a press release Wednesday that the $298 million-asset Thread is one of four banking partners it uses.
“In collaboration with Thread, Unit will be able to empower more companies to offer unique banking solutions based on industry-leading technology and partners,” Itai Damti, Unit’s CEO, said in the release.
“Unit’s technology platform is not only proven and secure — it’s also a nimble, evolving solution that continues to provide customers better products and services over time,” Chris Black, Thread’s president and CEO, said in the release.
Unit, which has offices in New York and Tel Aviv, is backed by Insight Partners, Accel, Better Tomorrow Ventures, Aleph, Flourish Ventures and TLV Partners.
Civis Bank was rebranded as Thread after Patriot Financial Partners and Hermann Cos. recapitalized Volunteer Bancorp in 2021.