ANN ARBOR, Mich., May 16, 2023 – Plinqit, the first platform that brings together automated savings, data-driven financial wellness content and virtual account management, has partnered with Sonata Bank, an FDIC-chartered digital first bank focused on serving quick service restaurant (QSR) franchisees and their employees across the U.S., as well as business and personal banking customers throughout Middle Tennessee and Western Kentucky.
By partnering with Plinqit, Sonata will provide customers with an engaging, rewarding way to save and plan for future financial needs. Understanding that saving is the first step on the path to financial wellness, Plinqit’s platform will help the bank’s customers grow their savings and reach their financial goals faster while boosting their knowledge of personal finances. Plinqit will also enable Sonata to deliver targeted financial wellness content that addresses the unique needs of QSR employees and empowers them to live their best financial life. For the bank, the partnership will help Sonata generate steady deposit growth, attract new customers and deepen relationships with existing customers, as the bank continues to expand its footprint across both local and national markets.
This can lead to additional anxiety and mounting expenses for basic financial services, such as fees for cashing a check. Sonata is solving these pain points, and we are proud to partner with them to make a difference for the QSR workers and franchisees who play a vital role in our local economies.
“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,” said Kathleen Craig, founder and CEO of Plinqit. “Financial stress can strike regardless of an individual’s occupation or income level, but many workers in the QSR space are underserved and their banking needs are simply not being met.”
Craig continued, “This can lead to additional anxiety and mounting expenses for basic financial services, such as fees for cashing a check. Sonata is solving these pain points, and we are proud to partner with them to make a difference for the QSR workers and franchisees who play a vital role in our local economies.”
“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,” said Dan Dellinger, CEO of Sonata. “However, the QSR industry unfortunately has many unbanked or underbanked workers, along with some of the highest turnover rates at nearly 150 percent. 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 personalized financial wellness resources, we can positively impact the financial lives for millions of American workers and ultimately, the local businesses that employ them.”
About Sonata Bank
Sonata is a digital first financial services company led by experienced banking industry leaders. As both an FDIC-chartered bank and technology-focused financial services company, Sonata will provide a full suite of banking products and services to two distinct customer segments – to business and personal banking customers in the Middle Tennessee and Western Kentucky markets, and to quick-service restaurant (QSR) franchisees and their employees across the United States.
Plinqit is a mobile-first platform and fintech company helping banks and credit unions generate low-cost deposits, attract new customers, and expand their retail footprint while helping people live their best financial life. The Plinqit platform is the first savings platform of its kind to bring together automated savings, data-driven financial wellness content, and virtual account management. At Plinqit, we’re helping everyone Money Intelligently™. For more information, visit info.plinqit.com.