When it comes to multi-unit expansion, access to the right capital, at the right time, with the right financial partner can be a game-changer in ensuring success. With a fresh approach to franchise financing—and the only lender dedicated to the industry—ApplePie Capital knows franchising and understands the unique needs of franchisees at every stage of growth.

“When someone comes to us, the first thing we want to know is what their plans are for growth, and for succession or exit,” says Ron Feldman, ApplePie’s Chief Development Officer. “Your exit plan – how long you want to run these units – can affect what kind of loan you get.”

ApplePie’s teams are brand specialists. Armed with well-defined goals and a snapshot of your financial picture and operations, ApplePie takes a consultative approach to create and execute a custom multi-unit financing strategy that ensures development stays on track.

There’s an interesting statistic floating around that 71 percent of millennials would rather visit the dentist than just listen to a message from a bank. And anyone who has slogged through an SBA loan application might happily sign up for a root canal instead.

No, in the age of the internet, there’s little love for the traditional way to get a loan, the rules and the endless paperwork—if there ever was. Luckily for millennials, they can do just about all their banking through their phone. For business owners, however, banks were among their limited options.

In all those sentiments, ApplePie Capital founder and CEO Denise Thomas saw an opportunity. “It’s the way the world is going. If I can do so much on the internet, why can’t I do my financing?” pondered Thomas, who founded and self-funded the pioneering financing source in 2014.

Consumer-facing alt lenders in the US may be struggling, but business-focused lender ApplePie seems to be faring well.

The San Francisco-based fintech extends credit solely to people starting franchises, and raised a total of $16.5 million this week in a Series B round, according to the Wall Street Journal.

Fifth Third Bancorp is continuing its push into the financial technology business by investing millions in an online lender to the franchise industry.

Fifth Third (Nasdaq: FITB), the largest bank based in Cincinnati and the nation’s 13th-biggest, co-led the $16.5 million investment round in ApplePie Capital. Fifth Third teamed with Alexandria, Va.-based venture capital firm QED Investors to lead the investment. ApplePie also brought back several previous investors in this Series B round.

Fifth Third Bancorp is backing startup online lender, ApplePie Capital, which extends credit to people starting franchises of chains such as Dunkin’ Donuts and 7-Eleven, according to the two financial companies.

The move is the latest example of partnership between banks and young fintech firms, as the more established lenders seek new avenues to grow lending, and the upstarts seek access to borrowers and funding.