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.
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).