Note: Pacific West Bank is unrelated to the similarly named Pacific Western Bank, or its holding company PacWest Bancorp (Nasdaq: PACW).
We’re excited to announce a strategic partnership with Pacific West Bank to further our investment in our infrastructure and deepen our partner bank network. This partnership will expand Unit’s capacity for new clients and enhance our ability to scale in a safe, compliant, and reliable manner.
"Unit continues to see increasing demand for high-quality embedded banking, and our partnership with Pacific West Bank will enable more companies to partner with industry-leading banks using Unit’s technology," said Itai Damti, co-founder and CEO of Unit.
Over the last year, transaction volumes on Unit have crossed $4 billion, and deposits have increased to more than $500 million, with the pace of growth increasing month-over-month. Unit’s growth is aligned with our bank partners commitment to enabling a world-class embedded banking experience. With Pacific West Bank, we’ve found a partner that shares our commitment to compliance, security, and quality.
”We see this partnership as a new opportunity for PWB to accelerate our growth, while expanding our mission to serve unique and diverse communities. We’re thrilled to partner with Unit, the banking-as-a-service leader, as we look to take advantage of the exciting new embedded banking industry,” said Jason Wessling, President and CFO of Pacific West Bank.
Together, Unit and Pacific West Bank are able to create a more valuable embedded banking offering that helps companies expand financial access and create better banking experiences.
The partnership has already sourced several promising companies who are preparing to launch banking products in the coming weeks.
April 5, 2023