Lending software provider Q2 has quadrupled the number of fintech integrations on its platform since launching the ‘Q2 Innovation Studio’ in June 2021.
The publicly-listed software firm, which counts peer-to-peer lending platforms as clients, said that more than 80 fintechs have selected Q2’s platform to offer their fintech solutions to financial institutions.
And more than 245 banks and credit unions have used Q2’s product called the Q2 Innovation Studio to partner with these fintechs.
Q2 said that more than half of its digital banking customer base is using the Q2 Innovation Studio programmes.
“Built on Q2’s flexible, modern and open digital banking platform, the Q2 Innovation Studio enables financial institutions to innovate faster to meet their account holders’ needs and expectations while providing fintechs access to a vast network of approximately 450 banks and credit unions, and approximately 20 million account holders and members,” Q2 said.
The software firm added that the Q2 Innovation Studio also helps fintechs to increase sales and minimise customer acquisition costs by integrating with the Q2 platform, offering built-in marketing and sales support.
“The Q2 Innovation Studio has been a game-changer for financial institutions and fintechs. The level of growth and success we’ve seen has been outstanding,” said Jonathan Price, executive vice president of emerging businesses, corporate and business development at Q2.
“Q2’s industry-leading digital banking platform and Innovation Studio enable financial institutions to deliver innovative, personalized digital banking services while seamlessly integrating with third-party fintech solutions. In the first quarter of 2022, over 80 per cent of our net new digital banking customers cited Q2 Innovation Studio as a key factor in choosing Q2’s digital banking platform.”
Earlier this year, Q2 received takeover interest from a number of private equity firms. However, the offers reportedly came in below expectations so the software provider put its sale on hold.
Its shares rose by 22 per cent on 17 May after Bloomberg revealed the software provider was considering its options.
Source: https://www.p2pfinancenews.co.uk/2022/06/28/q2-quadruples-fintech-integrations-on-platform/
