KeyBank National Association has completed the acquisition of Laurel Road Bank’s digital lending business.

In January this year, KeyBank signed a definitive agreement to acquire the business for an undisclosed sum.

Three Laurel Road bank branches in southeast Connecticut were not part of this transaction.

As a part of the agreement, Laurel Road will continue to retain its brand.

Laurel Road was primarily into online student loan refinancing. Since 2013, its student loan refinancing platform has generated a total more than $4bn in federal and private school loans.

Last year, the company introduced an online mortgage platform. It uses the same lending technology to provide prospective home buyers with a streamlined digital application process.

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With the acquisition, KeyBank aims to focus on three areas to support its growth. It includes strengthening its digital-only lending capabilities and utilising the technology behind Laurel Road’s platform to drive growth and efficiency.

Additionally, it will work to provide dedicated banking services to specific consumer segments.

KeyBank digital head Jamie Warder said: “Part of KeyBank’s strategy is to pair the best of the best in fintech with our industry expertise and scale. Now that the deal is officially closed, we’re thrilled to begin work with Laurel Road.

“The three pillars we’ve outlined aim to expand our business and offer more customer segments a comprehensive, digitally-led suite of services, and Laurel Road is a pivotal piece of this growth plan.”

Laurel Road Bank founder and chairman Gary Lieberman said: “Laurel Road set out to deliver a simple yet superior lending experience for millennials at every financial milestone.

“As part of KeyBank, our capabilities and scale have even more potential, and together we’re committed to enhancing the digital financial experience for all customers.”