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.