Cambr enables MoneyLion to expand product roadmap and enhance value for Plus customers
AUSTIN, Texas (April 24, 2018)—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 www.stonecastle.com.
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.