Q2 Holdings, Inc. (NYSE:QTWO), a leading provider of digital banking and lending solutions, announced today its acquisition of Atlanta-based Gro Solutions, a provider of industry-leading account opening and digital sales and marketing solutions for financial institutions (FIs).
The acquisition reflects both companies’ ongoing mission of providing best-in-class digital experiences to FIs and the broader financial services industry.
Gro provides a digital sales platform that drives customer acquisition growth across all digital channels. The Gro platform enables customers to make personalized recommendations and cross-sell products—from deposit accounts to loans for both retail and business clients. Gro’s solution combines advanced, multichannel account opening with targeted marketing capabilities as well as a shopping cart experience. Account holders can simply add financial products when and how they need them.
“With Q2’s recent acquisitions of Cloud Lending and now Gro—combined with our leading, secure digital banking platform—we are delivering powerful solutions for the financial services vertical to provide exceptional experiences needed to keep pace with the high expectations of today’s account holder,” said Matt Flake, CEO of Q2. “Our acquisition of Gro adds yet another element that helps our customers reduce user friction, increase engagement in the digital channel and expand their offerings.”
Since its launch and demo at FinovateFall 2015, Gro has defined how FIs leverage the mobile channel to accelerate growth. Also named a "Company to Watch” by American Banker and BAI in 2015, Gro quickly attracted customers and established its solution for omnichannel account opening. The following year, Gro introduced a new back-end portal to help consolidate FIs’ underwriting engines. Gro also unveiled Consumer Protection Plus at Money 20/20, a feature that ensures customer involvement and peace of mind in the account opening process. Continuing its growth and innovation in 2017, Gro received one of the first-ever TAG FinTech ADVANCE Awards. This year, Gro’s momentum continued, adding new customers and announcing new features to its platform, including business account opening capabilities and the new Quick Start process, which enables customers to launch at their own pace rather than waiting on a vendor.
Gro’s addition will provide Q2’s customers with advanced, omnichannel account opening capabilities and a configurable sales platform designed to increase conversion and reduce abandonment. FIs that have implemented Gro’s mobile-first solutions have seen significant increases in completed applications.
"Q2 is a recognized leader in providing innovative solutions for FIs and other financial technology providers,” said David Eads, CEO of Gro. “As a combined force, we look forward to providing leading account opening, ecommerce and end-to-end digital financial solutions to banks, credit unions and other financial technology companies. We are delighted to be joining the Q2 team and look forward to delivering best-in-class financial digital sales and marketing solutions.”
Financial terms of the transaction were not disclosed.
Contributed | what does this mean?