NAPERVILLE, Ill.–Alloya Corporate FCU said it has acquired the Olympia, Wash.-based QCash Financial, a CUSO of Washington State Employees CU that provides a platform for making small-dollar loans in under 30 seconds.
Alloya Corporate said QCash, founded in 2015, will become an independent, wholly-owned CUSO of Alloya.
“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,” Alloya Corporate said in announcing the acquisition. “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.”
‘Exceptional Growth in Recent Years’
QCash Financial CEO Seth Brickman said in a statement, “We are elated to be joining Alloya. 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.”
Added Alloya CEO Todd Adams, “We are honored that QCash selected Alloya for this opportunity and we welcome the QCash team to the Alloya family. 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.”
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