The deal will allow Q2 to expand its services for financial institutions trying to get a foothold in the fast growing world of digital banking.
Gro’s digital sales platform provides customer acquisition growth through all digital channels. It enables customers to make personalized recommendations and cross sell different products, including deposit accounts and business loans. Account holders have the flexibility to launch services as they wish with Gro’s services.
“With Q2’s recent acquisitions of Cloud Lending and now Gro—combined with our leading, secure digital banking platform—we are delivering powerful solutions for the financial services vertical to provide exceptional experiences needed to keep pace with the high expectations of today’s account holder,” said Matt Flake, CEO of Q2, in a statement. “Our acquisition of Gro adds yet another element that helps our customers reduce user friction, increase engagement in the digital channel and expand their offerings.”
Added Gro Solutions’ CEO David Eads,“As a combined force, we look forward to providing leading account opening, e-commerce and end-to-end digital financial solutions to banks, credit unions and other financial technology companies. We are delighted to be joining the Q2 team and look forward to delivering best-in-class financial digital sales and marketing solutions.”
Gro’s last funding round was a Series A round investment of $4.25 million from TTV Capital in March last year, according to Atlanta Business Chronicle.
Financial terms for the Q2 Holdings/Gro Solutions transaction were not disclosed.