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Portfolio company Moneylion has announced a long term deal to utilize Cambr (Q2 and StoneCastle's joint product) to power its deposit accounts and debit cards. MoneyLion can now offer banking products to its customers at scale while distributing their deposits to FDIC insured community banks.
“Fintech companies like MoneyLion are pushing the envelope for innovation in this space, and are reaching customer segments most traditional financial institutions are challenged to serve,” said Matt Flake, CEO of Q2. “On the other hand, these fintechs need the regulatory infrastructure and know-how that only traditional FIs can provide. We believe there is tremendous opportunity for cooperation between these groups, and we are trying to facilitate that through Cambr.”
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