Cloud-based digital banking solutions provider Q2 Holdings has entered into a new collaboration with financial services platform, Acorns. Via the multiyear partnership, Acorns will take advantage of the Q2 Open portfolio, a suite of open-API financial services solutions originally unveiled by Q2 last year that give developers the ability to build customer-facing financial products and experiences.
Matt Flake, Q2 CEO, said it was important for both incumbent FIs and newer firms to get access to the right technology in order to build the financial solutions that clients demand. “We believe many fintech companies and traditional FIs share the goal of strengthening their communities, and we’re excited to provide them a common set of technology they can use to deliver on their respective missions,” Flake said.
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 include fellow Finovate alum, Qapital, whose CEO George Friedman said the solution “enable(d) our team of creators, designers, and developers to rapidly deliver new features in our app – allowing us to build a product that our customers really love.”
Founded in 2004, Q2 demonstrated its Q2 CardSwap solution at FinovateFall 2017. CardSwap 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 was named to the Deloitte Technology Fast 500 for a second year in a row in 2017 and earned a finalist spot in the NAFCU Services 2017 Innovation Awards. Also in 2017, Q2 Holdings added financial services and technology veteran Christine Petersen as Chief Revenue Officer last year 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 capitalization of $1.8 billion.