Wethos saw an opportunity to help their small-business customers process payments and manage cash flow
With Unit, Wethos was able to launch banking products in just 6 weeks, with two engineers
Wethos is an end-to-end platform that helps freelancers transform their one-person shops into full-service studios.
Wethos’ co-founders, Rachel Renock and Claire Humphreys, know the pain of scaling a services business first-hand after leaving the agency world to form their own studio. Wethos brings scalable infrastructure to independent businesses and makes it easy for freelancers to team up, seamlessly bill clients, and make payments all without leaving the Wethos platform.
“We want to take the headache out of running a small business,” says Claire Humphreys, COO and co-founder of Wethos. “Our goal is to bring transparency to the market for these services and empower our users to earn more.”
When looking for a banking-as-a-service partner, Wethos knew they would face hurdles due to the unique payment requirements freelancers faced when working across ad-hoc elastic teams. Wethos was looking for a partner that could handle their unique one-to-one-to-many payments challenge while allowing them the flexibility to create a better user experience.
What Wethos built with Unit:
Wethos chose to partner with Unit in order to launch embedded banking and payments, citing Unit’s simple but powerful API, experienced in-house compliance team, strong bank relationships, and ability to launch quickly. As a result, they were able to launch their first banking products in just six weeks.
“We wanted to put more money back into the pockets of independents, not build a bank,” said Rachel Renock, CEO and co-founder of Wethos. “By partnering with Unit, we were able to accelerate our product roadmap by two years and make our dream of giving studios access to embedded banking and real-time profitability tracking a reality.”
“Partnering with Unit allowed a team with no previous banking offerings to be able to launch a fully integrated banking and payment solution in weeks,” continued Renock. “Unit not only provided the technical product but the onramp and knowledge that enabled us to launch a complex financial product quickly. They owned all aspects of compliance and were able to remove a lot of the risk associated with building and launching a financial product.”
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Wethos is not a bank. Banking services are provided by Wethos’ and Unit’s bank partner, Blue Ridge Bank N.A.; Member FDIC. The Wethos Visa® Debit Card is issued by Blue Ridge Bank N.A. pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.