Thread Bancorp, the parent company of Thread Bank, a wholly-owned subsidiary, today announced it has closed a $30.5 million funding round, consisting of a $27.6 million initial raise and a $2.9 million extension. Portage Ventures led the round, with additional participation from Rockmont Partners and other strategic investors.

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.