Q2 to Rebrand Comprehensive Banking-as-a-Service Offering Underneath Q2 BaaS
26 Maggio 2020 - 5:03PM
Business Wire
Concludes Cambr Partnership with
StoneCastle
Q2 (NYSE: QTWO), a leading provider of digital transformation
solutions for banking and lending, announced today it is bringing
its Banking-as-a-Service (“BaaS”) offering under the Q2 brand
banner – as Q2 BaaS. As part of this transition, Q2 and StoneCastle
dissolved their partnership, known in the market as Cambr.
Going forward, Q2, which owns the core technology that powers
innovative onboarding, deposit processing, debit card, and payment
solutions for blue-chip clients like Acorns, will continue to
invest under the Q2 BaaS moniker and will market these solutions to
fintechs, innovative brands and global corporations independent of
StoneCastle.
StoneCastle will maintain its focus on its core deposit
management business and will retain the Cambr brand name.
StoneCastle will continue to deliver extended FDIC insurance
coverage and other high yield deposit services to corporations,
fintechs, asset managers, financial institutions, and banks.
StoneCastle will market its deposit services independent of Q2.
“We are proud of what we built with StoneCastle, and both of our
businesses will continue to help financial institutions with
transformation initiatives,” Q2 SVP of Emerging Businesses,
Corporate & Business Development Jonathan Price said. “As a
rapidly growing technology provider for fintechs and other BaaS
market leaders, we believe there is a substantial opportunity in
the space, and we are excited about our momentum in the
market.”
“We've enjoyed working with Q2 in this partnership. It’s clear
that banks’ balance sheet requirements are growing more complex,
powering our thriving deposit and cash management business,”
StoneCastle CEO Joshua Siegel said. “The deposit landscape is
changing rapidly, and we are focused on developing new and
innovative services for businesses that are capitalizing on the
unprecedented opportunity.”
Q2 and StoneCastle will continue to support existing customers
and may choose to partner together on an ad hoc basis. Q2 BaaS will
continue to partner with leading fintechs and brands looking to
pursue innovative Banking-as-a-Service offerings.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements regarding Q2’s plans to market its BaaS
solutions, the ability of Q2 to help financial institutions with
transformation initiatives, the growth of the Q2 BaaS business, and
optimism about the market opportunity for its solutions. The
forward-looking statements contained in this press release are
based upon Q2’s historical performance and its current plans,
estimates, and expectations and are not a representation that such
plans, estimates, or expectations will be achieved. Factors that
could cause actual results to differ materially from those
described herein can be found in Q2’s filings with the Securities
and Exchange Commission. These documents are available on the SEC
Filings section of the Investor Relations section of Q2’s website
at http://investors.q2ebanking.com. These forward-looking
statements represent Q2’s expectations as of the date of this press
release. Subsequent events may cause these expectations to change,
and Q2 disclaims any obligations to update or alter these
forward-looking statements in the future, whether as a result of
new information, future events or otherwise.
About Q2 Holdings, Inc.
Q2 is a secure, cloud-based digital transformation solutions
company headquartered in Austin, Texas. Since 2004, it has been our
mission to build stronger communities by strengthening their
financial institutions. Our digital banking solutions for deposits,
money movement, lending, leasing, security, and fraud enable
financial institutions to deliver a better financial experience to
their account holders. Our bank and credit union customers, along
with emerging financial services providers, also benefit from
actionable data analytics and access to open technology tools.
About StoneCastle Cash Management, LLC
Since 2009 StoneCastle Cash Management, LLC is recognized as the
leading administrator of insured cash solutions for many of the
world's largest institutions, family offices, RIAs, broker-dealers,
municipalities, colleges, and universities, and endowments and
foundations. StoneCastle is backed by the strength and stability of
world-class partners, Charlesbank Capital Partners, and Canadian
Imperial Bank of Commerce (CIBC).
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version on businesswire.com: https://www.businesswire.com/news/home/20200526005606/en/
Beth Williams Q2 Holdings, Inc. O: 512.685.2023
beth.williams@q2ebanking.com
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