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KeyBank completes purchase of fintech business

April 6, 2019 By Editor

KeyBank N.A.’s acquisition of a digital lending business is now complete.

The No. 2 largest bank in Western New York purchased the business from Laurel Road Bank in Connecticut. The digital platform – which was launched in 2014 and to date has more than $4 billion in total loan originations – helps medical professionals refinance student loans.

In a release, KeyBank said the deal will help the company grow in three ways – by expanding its national, digital-only lending services, enhancing client experience through new digital tools and “deliver(ing) a holistic banking experience” to millennial clients.

Terms of the deal, which was announced in January, have not been disclosed.

KeyBank is the banking arm of KeyCorp (NYSE: KEY) in Cleveland. The lender operates a Northeast regional headquarters in Buffalo.

 

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