Embedded business banking launched in [i]5 months[/i]
Players Health and Thread Bank brought SMB banking, lending and insurance to youth sports organizations.
The challenge
The challenge
The challenge
The challenge
The challenge
Youth sports is a $37.5B industry in the US that [i]financial services has left underserved[/i].
Youth sports is a $37.5B industry in the US that [i]financial services has left underserved[/i].
Youth sports is a $37.5B industry in the US that [i]financial services has left underserved[/i].
Youth sports is a $37.5B industry in the US that [i]financial services has left underserved[/i].
Youth sports is a $37.5B industry in the US that [i]financial services has left underserved[/i].
Leagues run on seasonal cash, shared accounts and volunteer admins. Players Health and Thread Bank wanted a digital banking experience built for how sports organizations operate.
Fund governance
Fund governance
Fund governance
Fund governance
Fund governance
Limited oversight of team funds made misuse hard to spot and harder to track.
Upfront expenses
Upfront expenses
Upfront expenses
Upfront expenses
Upfront expenses
Teams pay for equipment and facilities before player dues come in.
Seasonal cash flow
Seasonal cash flow
Seasonal cash flow
Seasonal cash flow
Seasonal cash flow
Balances swing with the season, which limits access to capital.
Many users per account
Many users per account
Many users per account
Many users per account
Many users per account
Each organization runs multiple teams, and every coach and admin needs controlled access to funds.
Complex reporting
Complex reporting
Complex reporting
Complex reporting
Complex reporting
Tax, accounting and board reporting is time-consuming and complex.
The vision for Players Health
The vision for Players Health
The vision for Players Health
The vision for Players Health
The vision for Players Health
Players Health and Thread Bank wanted one finance platform for youth sports organizations: pre-season advances and lending, mobile banking with virtual and physical cards, sub-accounts, transaction notifications, and the governance and reporting a board of directors needs.
What Praxent did
What Praxent did
What Praxent did
What Praxent did
What Praxent did
A full digital bank built for sports organizations
A full digital bank built for sports organizations
A full digital bank built for sports organizations
A full digital bank built for sports organizations
A full digital bank built for sports organizations
Praxent designed and built the platform end to end, from research-led account opening to card issuing, sub-accounts and seasonal lending on Thread Bank's core.
Account opening shaped around each organization's structure
Account opening shaped around each organization's structure
Account opening shaped around each organization's structure
Account opening shaped around each organization's structure
Account opening shaped around each organization's structure
Instant funding and sub-accounts for every team
Instant funding and sub-accounts for every team
Instant funding and sub-accounts for every team
Instant funding and sub-accounts for every team
Instant funding and sub-accounts for every team
Virtual and physical cards with accounting tags built in
Virtual and physical cards with accounting tags built in
Virtual and physical cards with accounting tags built in
Virtual and physical cards with accounting tags built in
Virtual and physical cards with accounting tags built in
Buy now, pay later and seasonal lending for upfront costs
Buy now, pay later and seasonal lending for upfront costs
Buy now, pay later and seasonal lending for upfront costs
Buy now, pay later and seasonal lending for upfront costs
Buy now, pay later and seasonal lending for upfront costs
Five fintech provider integrations, including Plaid, Thread Bank and Synctera, run on a compliance-approved accounts ledger on Thread Bank's core.
Account opening shaped around each organization
Account opening shaped around each organization
Account opening shaped around each organization
Account opening shaped around each organization
Account opening shaped around each organization
Research-led account opening adapts the banking experience to each organization's structure. Admins enter sport-specific details along the way, which sets up expense planning and team budget management.
Instant funding that turns sign-ups into active accounts
Instant funding that turns sign-ups into active accounts
Instant funding that turns sign-ups into active accounts
Instant funding that turns sign-ups into active accounts
Instant funding that turns sign-ups into active accounts
Accounts fund immediately, so deposits land at sign-up and organizations start using the account right away. Proactive reminders about account benefits lift conversion through the rest of onboarding.
Sub-accounts that separate every team's money
Sub-accounts that separate every team's money
Sub-accounts that separate every team's money
Sub-accounts that separate every team's money
Sub-accounts that separate every team's money
Organizations separate team funds, transactions and accounting through sub-accounts, all on a compliance-approved ledger on Thread Bank's core.
One digital experience for banking, lending and insurance
One digital experience for banking, lending and insurance
One digital experience for banking, lending and insurance
One digital experience for banking, lending and insurance
One digital experience for banking, lending and insurance
A custom digital experience lets Players Health cross-sell banking, lending, insurance and risk services to youth sports organizations.
Card issuing with accounting tags built in
Card issuing with accounting tags built in
Card issuing with accounting tags built in
Card issuing with accounting tags built in
Card issuing with accounting tags built in
Players Health issues virtual and physical cards to organization members, giving admins control over who spends what. Transactions are tagged as they process, which simplifies bookkeeping and tax reporting.
BNPL and seasonal lending for upfront season costs
BNPL and seasonal lending for upfront season costs
BNPL and seasonal lending for upfront season costs
BNPL and seasonal lending for upfront season costs
BNPL and seasonal lending for upfront season costs
Buy now, pay later lets organizations buy equipment and book facilities before registration fees come in. Because Players Health and Thread Bank understand the seasonal cash flow of youth sports, they can underwrite risk more precisely and offer better rates than competitors.
Guided bill pay and transfers to any account
Guided bill pay and transfers to any account
Guided bill pay and transfers to any account
Guided bill pay and transfers to any account
Guided bill pay and transfers to any account
Guided onboarding walks users through bill pay, which keeps them coming back to the platform. Users move money to external accounts and between team sub-accounts without leaving the platform.
The results
The results
The results
The results
The results
Live before the season started
Live before the season started
Live before the season started
Live before the season started
Live before the season started
Players Health launched in 5 months, onboarded $600K in ARR in its first week and has raised more than $100M to date.
A compliance-approved ledger now powers every team's money.
Within less than half a year, we built an application that could onboard and start helping nearly 50 clubs. As we plan our broader rollout plan, we're excited to keep the momentum going to help more organizations get access to a banking solution that makes sense for them.
