StoneCastle Partners, LLC (“StoneCastle”), a leading provider of innovative solutions to store, move and optimize money, and Q2 Holdings, Inc. (NYSE: QTWO), a leading provider of experience-driven digital banking solutions.
Both the companies have launched Cambr, which includes the capabilities of Q2 Open’s digital cloud-based platform (CorePro) and StoneCastle’s digital deposit network of more than 800 community banks (StoneCastle Deposit Network). Cambr also includes strategic relationships with partner financial institutions (FIs) that serve as banks of record. Through Cambr, any company can now offer banking products and services with full FDIC insurance on all deposits at scale while routing those deposits to community banks – creating a mutually beneficial partnership model for those entities.
Leading fintech companies and brands can now rapidly and seamlessly offer deposit accounts, debit cards and other financial products and services, expanding their customer relationships all under their brand name. Cambr’s innovative structure delivers robust interest and interchange revenue while providing security, scale, and stability.
CEO of StoneCastle Josh Siegel is proud to be a partner with Q2 on this exciting opportunity he had said that through Cambr, innovative and respected non-bank companies can easily deliver best-of-breed digital financial products while redirecting deposits to community banks, the engine of small business growth in America.
Matt Flake, CEO of Q2 said that as new entrants continue to join the financial services race, it’s their mission to find new and creative ways for FIs to play a critical role in delivering these services. They have found the right partner for this mission in StoneCastle. The sheer size and scope of its deposit network combined with their CorePro platform gives every company a better way to deliver financial services, while strengthening community financial institutions.