Embedded Finance Briefing: Q2 repackages its BaaS for non-banks as Helix
- Q2's Helix is geared at enabling fintechs, consumer brands, and tech companies to offer modern and personalized banking services.
- US consumers are welcoming embedded finance, with 43% of their wealth now circulating in non-traditional banking platforms.
Q2, a provider of digital banking solutions, announced an extension of its existing BaaS product for non-banks, rebranding the platform as Helix. With this, the firm reaffirms its focus on the embedded finance space, a market poised to be valued at over $138 billion by 2026.
It’s 2022, and many apps, from online marketplaces to ride-hailing platforms, want to offer some banking functions in a bid to become the next ‘super app’. Q2 views itself as capable of powering such programs and introduced Helix geared at enabling fintechs, consumer brands, and tech companies to offer banking services.
Q2 says firms can use Helix to embed ‘the building blocks of banking’ into their platforms. The term entails key banking capabilities such as cards and payments, accounts, monetization, and administrative tools. Helix’s existing customer base spans over 11 million users across the US, with transaction volume over $20 billion per year. The provider’s current clients include the likes of Acorns, Gusto, and Credit Karma.
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