Thread Bank’s $30.5M funding round to support innovation, efficiency, CEO says
Portage Ventures led funding round for digital bank
Thread Bank has raised $30.5 million in a funding round to support the digital bank’s growth.
“This additional funding will enable Thread to continue to scale, grow new and existing partnerships, and continue to be a leader in the embedded banking market,” Thread Chief Executive Chris Black told FinAi News. “Underpinning each of these objectives is a requirement for innovation, efficiency and transparency.”
“Thread’s usage of AI — and that of the market generally — will continue to evolve and be critical to our approach to growth and innovation going forward,” Black said.
The funding round was led by Portage Ventures, with participation from Rockmont Partners, according to a Dec. 17 release.
The $30.5 million brings Thread’s total funding to more than $100 million, according to the release.
The recent funding provides the latest boost to Thread’s growth:
- In September, Thread announced it is using the Fiserv Finxact core to improve overall embedded banking capabilities; and
- In August, Thread named Marty Miracle as its first chief digital officer to further scale its business.
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