Q2 Holdings, a digital banking solution provider, has acquired end-to-end lending platform Cloud Lending.
Through the merged solution, Cloud Lending will be able to benefit from the scale, infrastructure and resources of its new parent company. Cloud Lending will now be able to provide credit from a wider group of people.
Texas-headquartered Q2 is a digital banking solutions technology developer, that helps financial institutions support their consumers. The company’s solutions can support the consumer account services, build data and analytics, prevent fraud, or support online banking.
Q2 CEO Matt Flake said, “By acquiring Cloud Lending, we will be able to help our community and regional financial institutions more effectively manage and grow their lending portfolios—their fundamental income-generating activity.
“There’s a substantial market opportunity for digital lending, and the addition of Cloud Lending’s talented team and next-generation technology solutions will help Q2 expand our footprint in existing markets, as well as enter new ones.”
Cloud Lending is a cloud-based lending and leasing platform to help lenders close more loans and improve customer experiences. Its technology simplifies the borrower experience, increases application volumes, accelerates loan decisioning and reduces operational inefficiencies through automation and digitisation.
Q2 kicked off the year with a partnership with micro-investing platform Acorns as part of its open-API portfolio.
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