Putting fintech first to empower seamless and accessible embedded finance
Piermont Bank, a digital commercial bank that serves the fintech ecosystem, announced that it has entered a strategic partnership with Unit, the banking-as-a-service startup that empowers companies to embed financial services into their products. The partnership allows the two banking-as-a-service (BaaS) leaders to join forces and further expand their offering and product capabilities to make it easier and faster for fintechs to embed banking products.
“As our innovation banking business grows, we continue focusing on strengthening our platform and product capabilities so we better support fintechs and brands looking to embed financial services products,” said Wendy Cai-Lee, founder and CEO of Piermont Bank.
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“We are excited to partner with Unit as we share the same philosophy in building relevant products and solutions while delivering on faster integration timelines. By expanding our partnerships with top-tier BaaS players like Unit, we are putting fintechs and brands front and center; we strongly believe in letting them choose the best BaaS technology platform and banking partner for themselves,” added Cai-Lee.
Piermont Bank had a successful 2021 and quickly established itself as the go-to bank for fintech. It quickly earned the market reputation of being the fastest bank a fintech can go to market with. And it is building next generation BaaS by taking products beyond banking and payments services. Piermont has been in hyper-growth mode with a very active pipeline, including notable names that are achieving significant scale. It also launched a credit platform for fintechs called BancFi in October 2021 and is looking to onboard significantly more clients in 2022.
“Piermont’s fintech first strategy is consistent with our mission at Unit. We designed Unit to be a simple and robust platform so fintech and brands can launch a fully embedded banking product in weeks,” said Itai Damti, CEO of Unit.
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“We look forward to partnering with Piermont on new financial features and solutions as we expand into lending and credit this year,” said Damti. “We are excited to partner with a bank like Piermont that has a tech-forward approach to bringing new banking products to market and has extensive credit knowledge, especially in serving small-and medium-sized businesses,” added Damti.
The embedded finance market has grown significantly in recent years, and the COVID-19 lockdown also sped up the demand for better banking and payment solutions. The BaaS market is anticipated to witness an increase in revenue from $2.8 billion in 2021 to $12.2 billion by 2031.
“We believe it’s only the early days for embedded finance, and we will continue to see new models and technology developments that are going to reshape the ecosystem to better meet user needs. The best players will be the ones that can keep up with changing customer needs by pivoting and innovating alongside their customers. This is why we continue to look for partners like Unit, who offer a powerful technology infrastructure to innovate with us. Together, we can deliver a modern and seamless banking experience to fintechs and their end customers,” said Cai-Lee.
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