Plinqit, renowned for its innovative platform that melds automated savings, insightful financial wellness content and virtual account management, has announced a promising partnership with Sonata Bank.
The latter, an FDIC-chartered, digital-first bank, is known for its dedicated service to quick service restaurant (QSR) franchisees, their employees across the U.S, and its broad clientele of business and personal banking customers in Middle Tennessee and Western Kentucky.
The partnership aims to give Sonata’s customers an engaging and lucrative path to save and plan for their future financial requirements. By leveraging Plinqit’s platform, Sonata Bank’s customers could potentially accelerate their savings growth and expedite their journey towards financial goals.
In tandem, the platform could enhance the customers’ personal finance acumen. Additionally, Sonata can utilise the platform to deliver customised financial wellness content that caters specifically to the unique needs of QSR employees, thus empowering them to optimise their financial wellbeing.
To provide a more detailed understanding of the partnering entities, Plinqit operates as a mobile-first FinTech enterprise assisting banks and credit unions in attracting new customers, generating low-cost deposits, and expanding their retail footprint. The company’s novel platform is a pioneer in integrating automated savings, data-driven financial wellness content, and virtual account management.
Conversely, Sonata Bank functions as a digital-first financial services provider under the leadership of seasoned banking industry professionals. With its dual identity as an FDIC-chartered bank and a technology-oriented financial services entity, Sonata Bank provides a comprehensive array of banking products and services to two distinct customer bases: the business and personal banking clients in Middle Tennessee and Western Kentucky, and QSR franchisees along with their employees across the United States.
In this strategic collaboration, both parties are eager to make a significant impact on the financial lives of millions of American workers and the local businesses employing them. This aspiration was echoed in their respective statements.
Plinqit founder and CEO Kathleen Craig noted, “Financial stress is prevalent in the United States, with a CNBC survey revealing that 70 percent of Americans are anxious about the current state of their personal finances. This stress can impact individuals across all occupations or income levels, but many workers in the QSR space are underserved and their banking needs are simply not being met.”
She further emphasised the significance of their partnership with Sonata, saying, “We are proud to partner with Sonata to make a difference for the QSR workers and franchisees who play a vital role in our local economies.”
Expressing a similar sentiment, CEO of Sonata, Dan Dellinger said, “As a digital-first bank, Sonata is not your typical financial institution. We are deeply focused on the needs of our busy customers and supporting their unique goals as QSR franchisees and employees.
“Our mission is to help this industry thrive, which includes more than 200,000 restaurants that employ more than 5 million people in the U.S. By empowering this market segment with Plinqit’s saving tools and personalised financial wellness resources, we can positively impact the financial lives for millions of American workers and ultimately, the local businesses that employ them.”
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