“Wethos doesn’t exist to build strong banking relationships; we exist to put more money into independents’ pockets.”
When it comes to managing finances, traditional banking and payment processors just don’t cut it for independent contractors. High account minimums and exorbitant fees make it incredibly challenging to get your business up and running.
That’s why we’re dedicated to making it easier than ever for independents to set up a business bank account and conquer their cash flow.
In a recent blog post, Plaid spoke with Wethos co-founder and COO, Claire Humphreys to share more about our fintech capabilities for a customer case study.
Embedded banking and payments stack
Our platform is powered by a first-of-its-kind embedded banking and payments stack, thanks to our fintech partners Unit and Plaid. Our system allows users to set up a business bank account and track real-time cash flow and profitability, all in one place.
With Unit and Plaid, Wethos users can securely connect to more than 12,000 financial institutions around the world to get their business bank accounts up and running within a matter of seconds.
Our fintech capabilities have drastically improved since implementing embedded banking with Unit and Plaid.
Here are just a few highlights:
- We’ve experienced 40% month-over-month user growth
- $1.5 million in payments were processed within six months of launching Unit and Plaid
- Users who bank with Wethos are retained at a rate 6x higher than other users
Check out the full case study from Plaid here.
We’re excited to continue to build out our fintech capabilities for our users with partners like Unit and Plaid so we can put more money into independents’ pockets.