Thread Bancorp, the parent company of Thread Bank based in Tennessee, US, has raised $30.5 million in new funding to support the expansion of its embedded banking suite.
Portage Ventures led the round, comprising an initial $27.6 million closed in October and a $2.9 million extension, with support from Rockmont Partners and other strategic investors.
With the close of its latest round, Thread Bancorp has now raised more than $100 million in Tier 1 capital to date. The company previously raised $46.7 million in May 2021 and $25.2 million in April 2023, according to SEC filings.
Thread Bank offers a range of embedded banking services, including business and personal banking, payments, lending, and card issuance tailored for small businesses, consumer brands, and vertical SaaS companies. The bank reports more than $2 billion in partner deposits, alongside an annualised growth rate of approximately 75% across embedded deposits.
“Backed by new capital, Thread aims to continue its recent growth and momentum, scaling and broadening its embedded banking offerings,” the company says in announcing its latest funding round.
Efforts made in the last year to expand the suite have included a move to implement the Finxact core banking platform from Fiserv, a collaboration with LoanPro for its lending and credit platform, and the appointment of Marty Miracle as chief digital officer.
Source: https://www.fintechfutures.com/
