Q2 and StoneCastle Partner with MoneyLion to Offer Deposit Accounts and Debit Cards
24 April 2018 - 3:30PM
Business Wire
Cambr enables MoneyLion to expand product
roadmap and enhance value for Plus customers
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/
For Q2,Emma Chase, 512-551-9253C:
512-917-4319emma@redfancommunications.comorStoneCastle Partners,
LLCFrank V. Bonanno, 347-887-0345fbonanno@stonecastle.com
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