Sortis Holdings Inc (SOHI), a holding company that invests in financial technology, has made an equity investment in Seed, the world’s first mobile business bank dedicated to opening accounts online as well servicing the financial needs of small business. Seed was founded by Brian Merritt and Ryan Hildebrand, former executives at consumer banking startup Simple. Seed recently completed a nationwide launch of its mobile banking service and has begun to take on customers from a 5,000-company waiting list. Seed provides a unique platform that allows businesses to integrate banking with other popular services including Stripe, Square and Slack.
Sortis was an original investor in Seed and just completed a follow-on investment of $750,000 to close out the seed funding round. “Sortis has been a supporter of Seed since day one and we are thrilled with their continued involvement,” said Brian Merritt, CEO of Seed.
“Seed is a revolutionary business banking platform for small businesses that is years ahead of the competition,” said Jef Baker, CEO of Sortis Holdings. “As a former small business bank CEO, I saw the value in the platform early on. We believe Seed will be the standard for mobile business banking.”
Seed currently partners with The Bancorp, Member FDIC, to offer a business checking account and Visa® Business Debit Card, and places tools such as accounting and expense tracking at business owners’ fingertips, allowing them to spend less time managing their money and more time running their business. Seed accounts include features such as bill payment, mobile check deposit, electronic transfers, domestic wire transfers, ATM access and debit cards. Accounts are FDIC insured.
About Sortis Holdings Inc. (FKA Merchants Bancorp)
Based in Portland, Oregon, Sortis Holdings is a former bank holding company that sold its banking assets in 2016 to focus on investment with a focus on fintech. At the core is Sortis Financial, a wholly owned subsidiary that is a technology-driven platform licensed as a servicer and debt collector in 42 states with origination authority in 35 states. Our regulatory and operational infrastructure, backed by a team of experts in technology, banking, mortgage and business lending, and compliance, enables scaling for our proprietary online lending products and enables partnerships with emerging Fintech companies, greatly speeding time to market. Sortis is leading the vision and accelerating the pace of disruption as a new era unfolds for financial services.