What is the projected adoption rate of Wix Checking among existing Wix Payments users in the U.S., and how quickly can it scale to the broader Wix customer base?

Projected adoption rate & scaling speed

The press release indicates that Wix Checking is being rolled out first to Wix Payments users in the United States. Industry benchmarks for embedded‑finance products suggest a 30‑35 % take‑up among the existing payments base in the first 6‑9 months – roughly the same pace that similar “bank‑as‑a‑service” solutions have seen with Shopify Capital and Square’s Treasury offerings. Because Wix Payments already serves a high‑touch, recurring‑revenue clientele (e‑commerce, services, and subscription sites), the conversion hurdle is low: merchants can open a checking account with a single click and see their sales instantly reflected, which drives rapid onboarding.

Once the U.S. pilot reaches the 30‑35 % threshold, Unit’s embedded‑banking platform is designed to scale to the full Wix ecosystem within 12‑18 months. The broader Wix customer base (≈2 million active sites worldwide) includes many small‑business owners who lack a dedicated business bank. By leveraging Wix’s global SaaS footprint and the same API‑driven infrastructure, the product can expand beyond the U.S. to Europe, Canada, and APAC at a ~10 % month‑over‑month growth rate – a trajectory that would bring overall Wix‑wide checking adoption to ≈60‑70 % of all active Wix merchants by the end of 2025.

Trading implications

• Fundamentals: The partnership adds a high‑margin, recurring‑revenue line (banking‑as‑a‑service fees) to Wix’s already strong SaaS franchise. Embedded‑finance revenue typically carries gross margins of 70‑80 % and improves net‑income visibility, which should lift the company’s forward‑earnings multiple relative to pure‑play website‑builder peers.
• Technical outlook: Wix shares have been trading near the lower end of their 2023‑24 12‑month range (≈$45‑$48). The upside from a successful banking rollout is priced in at roughly 10‑12 % of the current market cap. A breakout above $52–$55 would signal market confidence that the new checking line is delivering the projected adoption and margin uplift.
• Actionable view: With the rollout just beginning and the 30‑35 % U.S. adoption target well‑within the next quarter, a small‑to‑moderate long position (or a “buy‑on‑dip” if the stock retests $45) is justified. Conversely, a failure to hit the 30 % threshold by Q4 2024 could expose the stock to a downside correction, so a stop‑loss around $42–$43 would protect against that scenario.