Alloya Corporate FCU Buys QCash Financial From Washington State Employees CU

The $5.9 billion Alloya Corporate Federal Credit Union in the Chicago suburb of Naperville, Ill., announced Wednesday it finalized an agreement to acquire QCash Financial from Washington State Employees Credit Union (WSECU).

Since its creation in 2015, the mission-driven fintech QCash had been a wholly-owned CUSO of the $4.9 billion WSECU, based in Olympia, Wash. As of March 31, QCash became a wholly-owned CUSO of Alloya.

According to details of the acquisition, all 18 QCash staff members are being retained by Alloya. While the staff is remote, the official QCash headquarters will move from Olympia, Wash., to Naperville, Ill.

QCash Financial CEO Seth Brickman said, “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.”

QCash is a fintech CUSO that offers online and mobile banking platforms, as well as its software-as-a-service application for credit unions.

In an email to CU Times, a spokesperson for Alloya said, “We expect no changes to QCash operations or member interactions, but do expect Alloya’s sales, implementations and marketing staffs to enhance the current outstanding work at QCash.”

Alloya CEO Todd Adams added, “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.”