GradFin’s acquisition is the next step in providing ‘digital innovation at scale’, KeyBank said. Credit: Can Pac Swire/Flickr (Creative Commons)

KeyBank has acquired the fintech firm GradFin, which offers public service loan forgiveness counselling, for an undisclosed sum.

KeyBank said that the deal is part of its efforts to further growth by investing in digital and niche businesses.

Philadelphia, Pennsylvania-based GradFin was established in 2015. It provides advisory solutions to customers seeking assistance with student loan debt, with a focus on working with financial advisors and their clients.

The lender noted that GradFin’s acquisition is the next step in providing ‘digital innovation at scale’ via partnerships with fintechs.

KeyCorp head of digital Jamie Warder said: “GradFin combines the best of digital and human interaction to create a unique client experience.

“Advisors thoroughly understand the economic environment as well as the specific needs of healthcare providers, while the digital platform provides fast and effective solutions for debt relief and government forgiveness programs.

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“This approach perfectly fits Key‘s commitment to seamless client interactions and provides for a best-in-class experience.”

GradFin CEO Chris Walters said: “We are excited to become part of the Key team because of their exceptional track record in acquiring and growing fintech companies.

“We could not have asked for a better partner to help us launch into our next phase, continuing on our mission of bringing our loan education programs and market aggregation to financial advisors and their clients.”

As per the terms of the agreement, Walters will continue to lead the GradFin team.

Earlier this year, KeyBank joined forces with Google Cloud and Deloitte to become a cloud-first bank.

The lender plans to move most of its products and services to Google Cloud by 2025.