Sortis Holdings invests in and deploys innovative financial technology products to fuel disruption in financial services market
PORTLAND, Ore., Feb. 8, 2018—For the past 12 months, Sortis Holdings Inc. (SOHI) has been quietly amassing a suite of promising financial technology investments. Fresh off the sale of its MBank asset in early 2017, Sortis has followed through on its plan to become a fintech-focused investment company that accelerates the pace of disruption in financial services.
A Nationwide Online Lender
Sortis Holdings’ first deal was the acquisition of Texas-based Clearspring Loan Services in early 2017, which laid the foundation for the creation of a nationwide online lending platform. Clearspring is licensed to service loans and collect debt in 50 states and to originate loans in 45 states. Sortis Holdings has provided a team of experts in technology, banking, mortgage and compliance to assist in scaling the lending platform. With decades of hands-on experience in the mortgage and finance industries, Sortis Holdings’ knowledgeable team has positioned the platform – recently rebranded and relaunched as Sortis Financial, Inc. – for growth.
A Private Lending Platform for Real Estate Investors
In 2017 Sortis Holdings partnered with Missouri-based Liquid Logics with the aim of creating a scalable cloud-based private mortgage lending platform specifically for short-term real estate investors needing capital for fix and flip, fix and rent, residential non-owner transactions, and small balance commercial loans. Sortis has now integrated the Liquid Logics technology into the Sortis Financial platform (sortis.com/borrow/property-investors). In addition to capital, real estate investors gain access to Sortis’ deep experience in financing, strong relationships across the spectrum of lenders, and a host of other advantages via a cloud platform that enables borrowers to complete the mortgage loan process efficiently.
A Zero-Fee, Zero-Interest and Zero-Hassle Medical Payment Technology
Sortis Holdings entered a joint venture with Kansas City-based Mobile Capital Group to form medZERO Inc., which recently launched medZERO, a mobile lending platform that provides instant cash for medical deductible costs at no-interest and no-fees. Additionally, Sortis will lead the current funding round for medZERO Inc. The terms of the venture also include use of the Sortis Financial platform to originate and service medZERO loans. While higher-deductible insurance programs help employers and employees save money by lowering their monthly premiums, when an illness or injury strikes, employees may not have the savings needed to meet out-of-pocket expenses and pay for the care they need. MedZERO is a workplace benefit that provides immediate mobile access to funds to pay for these medical costs. The product is initially being rolled out in the Salt Lake City market, with plans to roll out to additional markets later in 2018. medZERO.com
Small Business Banking without the Branch
Another Sortis Holdings investment, Seed, the world’s first mobile bank dedicated to small business, recently completed the nationwide launch of its mobile banking service. Founded by Brian Merritt and Ryan Hildebrand, former executives of consumer banking startup Simple, Seed provides a unique platform that allows businesses to integrate their banking with other popular services including Stripe, Square and Slack.
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. seed.co
What’s Next for Sortis Holdings
These recent deals, which support Sortis’ vision of accelerating the pace of disruption in financial services, have allowed the Oregon-based next-generation financial services company to deploy innovative technologies that help make what were once painful, lengthy financial transactions faster and easier for consumers and businesses. Sortis Holdings continues to expand its portfolio and enable promising fintech companies to provide new solutions that will meet the evolving needs of the financial services market.
About Sortis Holdings Inc.
Based in Portland, Ore., Sortis Holdings is a former bank holding company that sold its bank assets in 2017 to focus on investment with an emphasis on fintech. At the core is Sortis Financial, Inc., a wholly owned subsidiary offering a technology-driven platform that is licensed to service loans and collect debt in 50 states. For more information, visit sortisholdings.com.