East Tennessee-founded community banking and fintech company Thread Bancorp Inc. has reported having raised about $27.64 million in equity capital from 37 investors, venturenashville.com reports.
The round offers an "indefinite" ceiling.
Thread reported similar equity raises in 2023 and 2021, efforts that yielded approximately $25.2 million (83 investors) and $46.7 million (47 investors), respectively, according to Thread SEC filings (read here).
The equity raises come after Thread in April opened its corporate headquarters in Wedgewood-Houston (read here).
Since Thread, formerly known as Volunteer Bancorp Inc., was recapitalized and rebranded in 2021 and as of April, the company has seen an approximate 35 percent annual increase in deposit growth through its personal, business and branch banking (from roughly $100 million in deposits in 2021 to more than $700 million currently, according to a press release).
Thread has also recorded a 200 percent increase in mobile and online banking adoption as of April and a 30 percent reduction in operating costs through digital process automation since 2021.
Chris Black serves as Thread CEO, president and board of directors member.
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