Wethos is an end-to-end platform that helps freelancers transform their one-person shop 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.
Wethos partnered with Unit to launch embedded banking and payments to help freelancers grow and scale their business. 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.
Wethos partnered with Unit because of its simple but powerful API, experienced in-house compliance team, strong bank relationships, and ability to launch quickly. “We wanted to put more money back into the pockets of independents, not build a bank,” said Wethos CEO and co-founder Rachel Renock. “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.”
What Wethos has Built on Unit:
- Free embedded business bank accounts with no minimum balance
- Free debit cards for out of pocket costs and expenses
- Free peer-to-peer transfers by enabling payments between platform users
- Ability to invoice and manage client ACH payments
- Ability to automatically track real-time cash flow and profitability across projects
Wethos was able to go from zero to onboarding business banking clients in under 60-days. “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,” said 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.