Alloya Corporate FCU acquires QCash Financial
Alloya Corporate Federal Credit Union and Washington State Employees Credit Union (WSECU) announced they are entering a strategic partnership under which—effective March 31—Alloya acquires QCash Financial, LLC. QCash Financial has offered lending solutions as a wholly-owned credit union service organization (CUSO) of WSECU since 2015.
Moving forward, QCash will remain an independent, wholly-owned CUSO of Alloya.
“We are elated to be joining Alloya,” remarked Seth Brickman, CEO of QCash Financial. “QCash has seen exceptional growth in recent years, and Alloya is the optimal partner to protect and enhance the success of not only the CUSO, but also our credit union clients, who entrust QCash to deliver safe and equitable lending solutions for their members.”
QCash is a mission-driven fintech firm offering a relationship-based lending platform that empowers credit unions to improve the financial well-being of their communities by providing small-dollar loans to their members in 60 seconds without the use of a credit score. For members who do not qualify for traditional lending options, QCash can offer hope. The software-as-a-service (SaaS) application integrates with the credit union’s core processor, online banking and mobile banking platforms to reduce friction in the lending process.
“We are honored that QCash selected Alloya for this opportunity and we welcome the QCash team to the Alloya family,” reflected Todd Adams, CEO of Alloya. “As with any new partnership, shared values were a top consideration in this decision for both QCash and Alloya, and we have certainly found that alignment. Together, we are not only supporting credit union success, but also furthering an important mission to drive financial inclusion.”
As a credit union for credit unions, Alloya’s sole mission is to support credit union success through affordable and comprehensive products and services that will help each credit union gain strategic advantages in the marketplace while remaining safe, secure and relevant for generations to come. With a national membership spanning from coast to coast, Alloya simplifies the back-office lives of 1,400 credit unions.
“Where do your members turn when life happens? With QCash and Alloya, it can be your credit union,” Brickman concluded. “Together, we continue to make financial inclusion a reality.”
To learn more about QCash by Alloya, please visit www.alloyacorp.org/QCash and stay tuned for an announcement about an informational webinar coming soon.