KeyBank National Association last month announced that it has acquired XUP Payments, a B2B-focused digital-payments platform. KeyBank, a unit of Cleveland, Ohio–based KeyCorp, ranks No. 2 in deposit market share in the 16-county Central New York region. The bank says Charlotte, N.C.–based XUP’s technology “enables simple, intuitive, client onboarding and servicing experiences.” XUP has integrated […]
KeyBank National Association last month announced that it has acquired XUP Payments, a B2B-focused digital-payments platform.
KeyBank, a unit of Cleveland, Ohio–based KeyCorp, ranks No. 2 in deposit market share in the 16-county Central New York region.
The bank says Charlotte, N.C.–based XUP’s technology “enables simple, intuitive, client onboarding and servicing experiences.” XUP has integrated its technology with processors, 3rd-party risk tools, customer-relationship management systems, and other fintech services.
Key says it was an early investor in XUP and notes that this acquisition follows a partnership between the two companies that “transformed” Key’s merchant payments capabilities.
KeyBank did not disclose any transaction terms in its Nov. 22 acquisition announcement.
The bank plans to leverage XUP Payments’ technology to enhance the experience across its commercial product line and advance Key’s broader “embedded banking strategy.” The acquisition is the latest in a series of Key alliances with fintech companies to offer improved payments and banking services to bank clients.
Earlier this year, Key acquired AQN Strategies to enhance its data-analytics capabilities, and in 2019, it purchased Laurel Road’s digital student-loan refinance platform. Previously, Key formed strategic partnerships with AvidXchange, BillTrust, and Bill.com among others, to boost its fintech offerings for clients and prospects.
“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,” Ken Gavrity, head of enterprise payments & analytics at KeyBank, contended in a release. “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.”
KeyBank’s roots trace back nearly 200 years to Albany. It has a network of about 1,000 branches and 1,300 ATMs in 15 states.
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