Sortis Holdings Inc (SOHI), a holding company that invests in financial technology, has completed a strategic partnership with Mobile Capital Group, a mobile virtual card app that powers specialty finance companies with the instantaneous delivery of cash to the customer. Few financial partners are in a regulatory position to support compliant financing activity on a national scale. Sortis’ ready-made regulatory and operational lending origination platform in connection with its servicing operations, has the ability to bring a fintech company like Mobile Capital Group to market.
Mobile Capital was founded by Mike Sobek, a payments industry pioneer and founder of Store Financial, an early player in the pre-paid card business. Mobile Capital is launching IOUBenefits, its own specialty finance product as well as working with several other specialty finance lenders to provide them their patent pending ‘Instant Cash’ technology.
“Mobile Capital has a deep understanding of the payments industry and has developed a virtual card platform that is totally unique in the industry,” said Paul Brenneke, Executive Chairman of Sortis Holdings. “We believe their ability to instantly deliver cash from a lender to a mobile card platform will revolutionize the consumer lending industry.”
Sortis Holdings will provide Mobile Capital and its future lending partners with a nationwide origination and servicing platform through their subsidiary, Sortis Financial (FKA ClearSpring Loan Services), a wholly owned subsidiary of Sortis Holdings that is a 50-state licensed originator and servicer based in Dallas, Texas. The combination of Mobile Capital and the Sortis platform provides a turnkey nationwide mobile lending solution for specialty finance lenders. As part of the transaction Sortis Holdings acquired a 10% interest in Mobile Capital with an option to acquire another 10% interest in future funding rounds.
“Sortis provides us the infrastructure and support to allow us to scale our business nationally overnight,” said Mike Sobek, CEO and Founder of Mobile Capital Group. “Their understanding of technology, lending and the regulatory environment made them a perfect partner for us.”
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.