Thread Bancorp, Inc. Adds Square Co-Founder Jim McKelvey as Board Observer

Addition of leading FinTech innovator further validates and bolsters Thread Bank’s tech-forward approach

BRENTWOOD, Tenn.--(BUSINESS WIRE)--Thread Bancorp, Inc. and Thread Bank (together, “Thread”) today announced they have added esteemed FinTech innovator Jim McKelvey, co-founder of Square, as a board observer. The addition of McKelvey to Thread’s board in this capacity further strengthens the bank’s tech-forward philosophy and position as an industry leader in embedded banking.

McKelvey’s addition underscores Thread Bank’s commitment to being at the forefront of the embedded and digital banking industry. Since Thread was recapitalized by a group of investors in 2021, the bank has employed a strategic approach to scaling and deploying best-in-class technology with a primary focus on risk management. McKelvey joining as a board observer demonstrates the sophistication and durability of Thread’s business model, as well as the bank’s large addressable market.

“It’s my foundational belief that banking is and always will be about deposits, loans, capital, liquidity, and payments – an ideology Thread not only shares but has advanced through their blend of banking and technology,” McKelvey said. “The Thread team’s approach to building scalable banking solutions based on sound compliance and regulatory infrastructure is a critical differentiator that bolsters the bank’s long-term value proposition.”

McKelvey brings extensive experience in FinTech and financial services, having co-founded FinTech startups Square and Invisibly and recently finishing a successful term as Chairman of the Federal Reserve Bank of St. Louis.

“Jim’s unique experience and perspective, having built one of the most successful FinTech companies in the world, will be invaluable to us as we continue growing Thread,” said Chris Black, CEO, President and Director at Thread Bancorp, Inc. and Thread Bank. “Jim’s desire to become a member of the Thread team as an advisor further validates our maturation and significant growth opportunities to help us achieve our vision of deploying embedded deposits, payments and loans via our strong partner platforms.”

To learn more about Thread Bank, please visit www.thread.bank.

About Thread Bank
Thread Bank, a wholly owned subsidiary of Thread Bancorp, Inc., is an FDIC-insured bank providing embedded and digital banking services nationwide and local community banking in Eastern Tennessee. To learn more about Thread Bank, visit thread.bank and connect with them on LinkedIn.