Cambr enables MoneyLion to expand product roadmap and enhance value
for Plus customers
AUSTIN, Texas--(BUSINESS WIRE)--
Q2
Holdings, Inc. (NYSE:QTWO) and StoneCastle
Partners, LLC (“StoneCastle”) today announced a long-term deal with
MoneyLion, Inc., the financial operating system revolutionizing the way
middle-class Americans save, invest and build their credit.
MoneyLion will utilize Cambr to power their
recently announced deposit accounts and debit cards, expanding
customer relationships and creating new monetization opportunities via
robust interest and interchange revenues.
“Historically only the wealthiest investors have had access to
technology-driven tools to serve their financial needs, leaving a vast
majority of Americans without the ability to take control of their
finances,” said MoneyLion CEO and co-founder, Dee Choubey. “Most of our
two-million-plus customers use our service on a daily basis to save,
borrow and invest. We look forward to working with StoneCastle and Q2
and their Cambr product to help drive the next generation of what
financial services should look, feel and even think like.”
Cambr seamlessly integrates Q2 Open’s digital processing platform
(CorePro), StoneCastle’s deposit platform of more than 800 community
banks (StoneCastle Deposit Network), and strategic relationships with
partner financial institutions (FIs) that serve as banks of record.
Through Cambr, non-bank companies—like MoneyLion—can offer banking
products to their customers at scale while distributing their deposits
to FDIC insured community banks.
“Fintech companies like MoneyLion are pushing the envelope for
innovation in this space, and are reaching customer segments most
traditional financial institutions are challenged to serve,” said Matt
Flake, CEO of Q2. “On the other hand, these fintechs need the regulatory
infrastructure and know-how that only traditional FIs can provide. We
believe there is tremendous opportunity for cooperation between these
groups, and we are trying to facilitate that through Cambr.”
To learn more about Cambr, visit www.cambr.com.
About Q2 Holdings, Inc.
Q2 is a leading provider of secure, experience-driven digital banking
solutions headquartered in Austin, Texas. We are driven by a mission to
build stronger communities by strengthening their financial
institutions. Q2 provides the industry’s most comprehensive digital
banking platform, enriched through actionable data insights, open
development tools and an evolving fintech ecosystem. We help clients
elevate the experience, drive efficiency and grow faster. To learn more
about Q2, visit www.q2ebanking.com.
About StoneCastle Partners, LLC
StoneCastle and its affiliates are leading providers of insured cash
solutions for many of the world’s largest institutions and most
innovative companies. Our financial technology focuses on pioneering
solutions to store, move and optimize money by delivering scalable,
profitable and secure cash solutions for our clients and their users.
Through our proprietary end-to-end platform, we store and optimize those
deposits across our digitally linked network of FDIC-insured community
banks. For more information about StoneCastle, visit http://www.stonecastle.com.
About MoneyLion
MoneyLion’s mission is to empower anyone with a smartphone to reach
their financial goals with banking that works as hard as they do. Since
our founding in 2013, MoneyLion has served over two million customers
with hassle-free saving, guided investing, low-cost borrowing, and the
only rewards program for building better financial habits. MoneyLion
uses artificial intelligence and machine learning to supercharge its
users’ finances with uniquely personalized advice and alerts, all from a
single beautiful mobile app. MoneyLion is headquartered in New York
City, with offices in San Francisco, Salt Lake City and Kuala Lumpur,
Malaysia. For more information, visit www.moneylion.com
or download the app here.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180424005462/en/
Source: Q2 Holdings, Inc.