Unit, a leading Banking-as-a-Service (BaaS) start-up, has secured significant new partnerships with two prominent US financial institutions to enhance their embedded finance capabilities.
Vantage Bank of Texas, with assets totaling $4.2 billion, has chosen Unit’s financial infrastructure platform to integrate financial services directly into software companies’ products. By adopting Unit’s oversight tools, digital core, dashboard, and white-label user interfaces, Vantage aims to streamline operations, manage risk, and boost efficiency. Jeff Sinnott, CEO of Vantage, highlighted the bank’s commitment to developing a robust governance framework for embedded finance and sees Unit as a crucial partner in accelerating their offerings and reaching new customers.
Similarly, Lincoln Savings Bank (LSB), an Iowa-based community bank established in 1902, has also partnered with Unit. LSB will utilize Unit’s embedded finance infrastructure to connect with various companies and swiftly develop and launch new financial products. The bank will benefit from Unit’s oversight tools and data-driven insights to optimize product performance, monitor activity, and enhance user experiences. LSB CEO Sean Willett emphasized the bank’s belief in the future of finance being digital, connected, and embedded.
These partnerships come on the heels of Unit’s recent decision to reduce its workforce by approximately 15% due to slower-than-anticipated revenue growth. Despite this, the new collaborations with Vantage Bank and Lincoln Savings Bank signal a strategic push to solidify Unit’s position in the embedded finance market.
