Qolo, the omnichannel payments platform for Fintech, recently announced a strategic partnership agreement with MX, a key player in open finance.
Qolo and MX offer “fast-track” solutions to “help businesses, particularly neobanks and fintechs, stand up a core mobile banking experience.” This allows them to “get to market quickly while also future-proofing their growth.”
Combining the aggregation services and “first-class” user experience provided via the MX platform, Qolo will serve as the payment processor offering “the necessary APIs to allow users to open and view accounts, make deposits, move their money, and more.” The strategic partnership has already “yielded more than 30 joint opportunities.”
Patricia Montesi, Qolo CEO, stated:
“Fintechs and neobanks are growing rapidly and they are hungry for the functionality and sophistication that our combined teams can offer. By pairing Qolo’s single API payment ecosystem together with MX’s core mobile banking functionality and unmatched user experience, we’re demanding more for the next generation of disruptors.”
Don Parker, EVP of partnerships, MX, remarked:
“We believe MX’s commitment to partnering with best-in-class organizations that complement our offerings is key to sustained company growth. Cost efficiency, scalability, trustworthiness — those are the key drivers of innovation that will transform the next iteration of the global financial ecosystem as we lead this revolution with respected partners like Qolo.”
Established in 2018, Qolo is the omnichannel payments platform for Fintech, “with a mission to help businesses navigate today’s complex payments and financial transactions landscape.”
Qolo empowers businesses “to manage payments efficiently with an eye toward growth and reduced expense.”
Qolo supports companies “wherever speed, security and cost of payment are important, including gig worker payouts, distribution payments, multi-currency and cross-border businesses and modern fintech firms.”
Composed of experts and entrepreneurs in payments, Qolo’s founding team “has more than a century of combined industry experience.”
MX, the financial data platform and leader in modern connectivity, “helps organizations everywhere connect to the world’s financial data and turn raw, unstructured data into their most valuable asset to deliver intelligent and personalized money experiences.”
MX connects over 16,000 financial institutions and fintechs “providing the industry’s most reliable and secure data connectivity network.”
Additionally, MX “powers 85% of digital banking providers, as well as thousands of banks, credit unions, and fintechs, with a combined reach of over 200 million consumers.”