- Q2 is leveraging Bits of Stock’s technology to help its financial institution clients reward their customers with fractional shares of stock.
- The partnership was made possible through the Q2 Partner Accelerator Program, which makes it easy for fintechs to reach Q2’s financial institution clients.
- Bits of Stock showcased its rewards platform alongside its client OMB Bank at FinovateFall last year.
Q2’s financial services clients have a new way to reward their consumers. That’s because fractional stock rewards platform Bits of Stock has teamed up with the digital banking and lending solutions company.
With Q2’s Digital Banking Platform, Q2’s financial services clients can offer their customers fractional stock when they redeem loyalty points or as a reward for certain activities like making a transaction with their debit or credit card, opening an account, applying for a loan, or making a deposit.
“We are pleased to welcome Bits of Stock to the Q2 Partner Accelerator program,” said Q2 Innovation Studio Managing Director Johnny Ola. “Financial Institutions now can offer fractional stocks as rewards on account spend and activity.”
Bits of Stock aims to help community financial institutions and credit unions engage their accountholders by rewarding them with fractional shares of their choice of stock. This enables younger users to build up their stock portfolios by microinvesting. In addition to today’s partnership with Q2, the New York-based company also has partnerships with Jack Henry, OMB Bank, Strata Credit Union, Gravy Stack, and others.
“This partnership is a value multiplier for customers, Q2, and Bits of Stock,” said Bits of Stock CEO Arash Asady. “Both companies are committed to finding innovative ways to empower financial services for consumers at scale.”
The partnership was made possible through the Q2 Partner Accelerator Program, an initiative within the Q2 Innovation Studio that allows financial services companies like Bits of Stock to leverage Q2’s SDK to integrate their technology into the Q2 Digital Banking Platform. The program not only creates an easy way for third party fintechs to integrate into Q2’s platform, but it also helps Q2’s bank clients leverage a wide range of new solutions that they can quickly deploy to their customers.
Founded in 2004 and headquartered in Austin, Texas, Q2 claims more than 40% of the top 10 banks in the U.S. as customers. The company’s platform reaches one out of 10 digital banking customers in America. Q2 went public in 2014 and is now traded on the New York Stock Exchange under the ticker QTWO, and has a market capitalization of more than $2.43 billion.
Bits of Stock showcased its rewards platform alongside its client OMB Bank at FinovateFall last year. The two demoed OMB Bank’s Stock Rewards Checking Account that rewards cardholders in the fractional stock of their choice every time they swipe their card. Bits of Stock was founded in 2016 and has received $5.9 million in funding.
