OLYMPIA, Wash.--(BUSINESS WIRE)--QCash Financial, a Credit Union Service Organization (CUSO) providing automated, cloud-based small-dollar lending technology for financial institutions, announced that it was selected as the winner of Financial Times Future of Fintech Innovation Award.
The FT Future of Fintech awards recognize pioneering companies able to demonstrate innovative ideas capable of creating lasting change in the financial services sector on a global scale. Financial Times offers an Innovation Award for newer Fintech companies that are bringing out novel solutions. QCash Financial was awarded the Innovation Award.
“We liked [QCash Financial] because it was an alternative to payday lending and an instance of an established financial institution doing something innovative,” said Financial Times in an overview of the 10 finalist companies.
The awards were announced at the FT Banking Summit at London’s Guildhall on Thursday afternoon. There were more than 200 entries, which were whittled down to a shortlist of 10 finalists by a panel of judges, including Robert Collymore, Chief Executive of Safaricom, and Kosta Peric, Deputy Director in charge of financial services for the poor at the Bill & Melinda Gates Foundation. From that shortlist, only two companies were selected for the prominent awards.
“We are honored to be selected as the Innovation Award winner from among so many prestigious international companies,” said Ben Morales, CEO of QCash Financial. “To see our solution develop from a homegrown idea to public recognition on the international stage has been deeply moving. Financial service organizations everywhere should consider how to offer consumers a better alternative to expensive payday loan products; the QCash platform is our solution to the problem.”
The QCash loan platform was developed in 2004 by WSECU after senior management discovered that a substantial number of members required small, short-term loans from payday lenders that were charging excessive fees and interest rates. It is offered as a white label solution to financial institutions. For more information contact Ben Morales at firstname.lastname@example.org.
About QCash Financial
QCash Financial is a CUSO providing automated, cloud-based small-dollar lending technology that enables financial institutions to provide short-term loans quickly to the people they serve. QCash Financial, a wholly owned subsidiary of WSECU in Olympia, Wash., started as a short-term loan solution for the credit union’s members in 2004. For more information about QCash, visit its website at Q-Cash.com.