Q2 acquires Gro Solutions
Digital banking solutions company Q2 Holdings has acquired account opening technology provider Gro Solutions. This follows Q2’s purchase of Cloud Lending Solutions in August, making it the Texas-based company’s fifth acquisition since it was founded in 2004. Terms of the deal were not disclosed, reports Julie Muhn at Finovate.
Matt Flake, CEO of Q2, says: “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.”
Once the acquisition closes, Q2 will get Gro’s omni-channel account opening technology, Gro Checkout.
Q2 will also boost its portfolio with Gro’s other solutions, including Gro Funnel, a set of marketing automation and CRM tools; Gro Business, tools for business clients; and Carrier Data Integration, technology that leverages information from a customer’s wireless billing record to auto populate data fields.
Gro Solutions had raised $4.3 million since it was founded in 2015.
Q2 had 2017 revenues of $194 million, has 10.4 million end users, and 382 bank and credit union customers.