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KeyBank buys startup centered on student loan counseling in one other fintech acquisition

CLEVELAND, Ohio — KeyBank has purchased one other fintech startup, this time buying an organization that works with individuals who have student loan debt.

The Cleveland-based bank introduced Monday that it acquired GradFin, which affords counseling to individuals searching for assist with student loan debt. In a information launch, KeyBank described the corporate as a pacesetter in Public Service Loan Forgiveness counseling.

KeyBank has purchased a handful of fintech startups over the previous few years. Fintech is know-how used to assist or allow banking and monetary companies.

Gradfin describes itself as utilizing sensible know-how and customized recommendation to assist individuals observe the “perfect student loan plan.” The firm was began in 2015 and is predicated in Philadelphia.

According to the startup’s web site, it has consulted with 60,000 student loan debtors since 2015. The firm additionally works with monetary advisors and employers who assist pay down employees’ student loans.

“GradFin combines the best of digital and human interaction to create a unique client experience,” Jamie Warder, head of digital at Keycorp, stated in a information launch. “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.”

KeyBank stated the deal will improve the corporate’s providing for healthcare purchasers. The bank owns Laurel Road, a web-based bank particularly for individuals within the healthcare subject.

Keybank’s development technique: Buy fintechs

KeyBank continues to purchase corporations to develop its digital presence.

The bank has alluded to this technique throughout earnings calls with buyers. In an interview in January, Gorman stated the corporate’s buy of Laurel Road had exceeded expectations.

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KeyBank stated in a press release Monday that the “acquisition of GradFin is the organization’s next step in providing digital innovation at scale through strategic partnerships with fintechs.”

The firm acquired AQN Strategies and XUP Payments in 2021 and in 2019, KeyBank bought Laurel Road’s superior know-how, integrating its distinctive shopper expertise.

Keybank additionally fashioned partnerships with fintechs like AvidXchange, BillBelief and prior to now.

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