Q2 and Acorns strike a multi-year tech deal
Cloud-based digital banking solutions provider Q2 Holdings has signed a deal with financial services platform Acorns, reports David Penn at Finovate (FinTech Futures‘ sister company).
Via the multi-year partnership, Acorns will take advantage of the Q2 Open portfolio, a suite of open API solutions for financial services, originally unveiled by Q2 last year that give developers the ability to build customer-facing financial products and experiences.
Matt Flake, Q2 CEO, notes it’s important for both incumbent financial institutions and newer firms to get access to the right technology to build the financial solutions that clients demand. “We believe many fintech companies and traditional financial institutions share the goal of strengthening their communities,” Flake says.
Among the APIs available via Q2 Open are Q2 Debit, which enables the building of checking account functionality within apps, Q2 Save, which enables building savings account functionality into apps, Q2 Ledger, which adds ledgering functionality for FBO (“for the benefit of”) accounts; and Q2 Biller Direct, which brings bill presentment, aggregation, and billpay functionality to apps. Among the fintechs already using Q2 Open is Qapital. Qapital’s CEO, George Friedman, says the solution enabled his team of creators, designers and developers to rapidly deliver new features in our app – allowing the company “to build a product that customers really love”.
Q2 was founded in 2004. Among its flagship products is CardSwap, which helps financial service providers earn interchange revenue by enabling account holders to use their bank card for digital subscription services such as Netflix, Amazon and Uber. The technology can be integrated into existing front-end platforms or companies can leverage their internal engineering talent and the APIs within Q2 Banking’s Open API portfolio to build their own CardSwap front end.
Last year, Q2 added financial services and technology veteran Christine Petersen as chief revenue officer and unveiled its new targeting and messaging platform, Q2 Smart.
Headquartered in Austin, Texas, Q2 trades on the New York Stock Exchange under the ticker QTWO. The company has a market capitalisation of $1.8 billion.