Thread Bancorp in Nashville, Tenn., raised $30.5 million.
The company said in a press release that the funding round was led by Portage Ventures, with participation from Rockmont Partners and others.
Proceeds will be used to support the continued growth and development of Thread’s embedded banking strategy. Threadaims to provide embedded “digital branches” through small business and consumer brands and vertical SaaS companies.
“From the outset, our mission at Thread has been to use technology to meet customers where they live their financial lives and conduct their financial business, challenging traditional methods and paradigms for delivering banking products and services,” Chris Black, Thread’s president and CEO, said in the release.
“This funding round, backed by seasoned financial technology and banking investors, serves as a resounding vote of confidence in our team, embedded approach, and customer-first vision for the future of banking,” he added.