Gro Solutions

Gro Solutions, founded in 2015 by CEO David Eads, established itself as a financial technology provider focused on digital client acquisition for financial institutions. The company emerged from its parent, Mobile Strategy Partners (MSP), following significant market adoption of its digital account opening technologies. Recognizing a critical need in the market, particularly for small to mid-sized banks and credit unions lacking robust in-house technical teams, Gro developed a platform to streamline the customer onboarding process. A key milestone for the company was securing a Series A funding round of $4.3 million, which helped accelerate its growth and development efforts.

The core of Gro Solutions' business was its digital sales platform, designed to help banks and credit unions expand their customer base across various digital channels. Its business model centered on providing these financial institutions with a suite of software solutions that simplified and accelerated tasks like opening new accounts and originating loans. The company’s flagship product, Gro Account Opening, enabled potential customers to open and fund a new bank account in under four minutes from any device. This omni-channel capability was a significant selling point, addressing the high abandonment rates common in lengthier, more complex online application processes. The platform also included features like Gro Funnel for marketing automation and CRM, Gro Business for commercial clients, and a Carrier Data Integration tool that pre-filled application fields using data from wireless billing records. Additionally, the company introduced Consumer Protection Plus, a feature using SMS and email validation to enhance security during the account opening process.

In a strategic move that highlighted its success and market position, Gro Solutions was acquired by Q2 Holdings, Inc. in December 2018. Q2, a provider of digital banking and lending solutions, saw Gro's technology as a vital component to enhance its own offerings, particularly in reducing friction and improving user engagement in the digital channel. Following the acquisition, David Eads transitioned to a vice president role within Q2's sales division, and the entire Gro team was retained, establishing an Atlanta-based outpost for the Austin-headquartered Q2. The integration allowed Q2 to offer a more comprehensive, end-to-end digital banking experience, from initial marketing and sales through to daily customer interactions.

Keywords: digital account opening, financial institution technology, customer acquisition platform, loan origination software, mobile banking solutions, digital sales platform, omni-channel banking, Q2 Holdings, David Eads, bank onboarding, credit union technology, fintech, digital banking, customer onboarding, marketing automation, CRM for banks, carrier data integration, mobile-first banking, financial services software, digital lending