Sonata Bank has launched in Middle Tennessee and Western Kentucky, serving business and personal banking customers, as well as quick service restaurant (QSR) franchises and their employees.
The challenger was founded by Dan Dellinger and Farzin Ferdowsi, who have raised more than $20 million in the bank’s initial round of funding.
According to the Nashville Business Journal, the pair have forged deals with 15 quick service restaurants including Taco Bell, Pizza Hut and KFC to provide digital banking services to more than 100,000 employees.
The franchises have each invested a minimum of $250,000 each, making up around half of the aforementioned raise.
Sonata is designed to reduce employee churn through the deployment of telehealth, financial literacy services and lower cost money transfers.
The bank recently partnered with savings platform Plinqit to help the bank’s customers grow their savings and reach their financial goals faster and bolster their knowledge of personal finances.
Plinqit will also enable Sonata to deliver targeted financial wellness content that addresses the unique needs of QSR employees.
Sonata currently has $60 million in assets with projections to reach $750 million in assets in five years. During that time, Dellinger said Sonata’s loan portfolio will largely shift toward restaurant loans to franchisees, for things such as restaurant equipment, the NBJ reports.
Source: fintechfutures
