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November 23, 2021

KeyBank buys XUP Payments to advance embedded banking strategy 

KeyBank National Association has acquired business-to-business focused digital platform XUP Payments for an undisclosed sum.

KeyBank, an early investor in XUP, expects the acquisition to advance its embedded banking strategy and enhance customer experience.

XUP’s technology is said to integrate fintech services, processors, 3rd party risk tools and customer relationship management systems allowing banks to offer better payment services.

KeyBank head of enterprise payments & analytics Ken Gavrity said: “We’ve long embraced the software innovation that’s sweeping through the financial services industry, and the acquisition of XUP allows us to continue to be a leader in this space.

“XUP’s highly experienced team has accelerated us on the journey to build connectivity across our systems, our partners, and our customers, to make it easy to do business with Key.”

XUP president Chris May said: “Our end-to-end software solutions, combined with Key’s scale and deep financial services expertise, will perfectly blend to provide clients a best-in-class payment experience.”

The deal follows other fintech relationships forged by KeyBank, which has nearly $187bn in assets.

Earlier this year, KeyBank bought AQN Strategies to enhance its data analytics capabilities.

In 2019, KeyBank acquired Laurel Road Bank’s digital lending business, which is focused on online student loan refinancing.

The US-based bank has also formed partnerships with AvidXchange, BillTrust, and among others to offer fintech services to clients.

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