BaaS provider Unit enters strategic partnership with Pacific West Bank

By Gloria Methri

Pacific West Bank (PWB), the wholly owned subsidiary of Pacific West Bancorp and Unit, the banking-as-a-service platform, have announced a strategic partnership. The partnership allows companies to embed banking services, provided by PWB, into their products through the Unit’s BaaS platform.

“We are excited to partner with Pacific West Bank as they share our commitment to compliance, security, and quality,” said Itai Damti, CEO and co-founder of Unit. “Through this partnership, Unit will be able to empower more companies to build better banking solutions that improve financial access and deliver value.”

This partnership will allow both companies to continue their strong growth. Unit is trusted by nearly 200 brands to launch and scale financial features. Over the last year, the company has seen transaction volume cross $4 billion, and deposits increase to more than $500 million. Pacific West Bank had record-setting operating profits in 2022 growing net income by more than 20% and is poised to continue its growth trajectory.

“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 are 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.

The strategic partnership has already sourced several companies that are preparing to launch banking products in the coming weeks.

Dana Lawrence, Director of FinTech Compliance at PWB said, “Partnering with Unit and innovative FinTech brands will be a natural next step for the Bank to increase the positive impact in communities beyond its physical footprint. I am thrilled to be a part of the team and look forward to creating new economic opportunities in a safe and sustainable manner.”

Dana, who joined PWB in 2022, brings over 20 years of experience in financial services with the last nine years building compliance and risk management programs for FinTech and BaaS programs.