The acquisition will help KeyBank expand its products to millennials
KeyBank National Association has announced the completion of its acquisition of Laurel Road Bank’s digital lending business, including an online mortgage platform, to expand its strategic growth efforts.
To drive growth, KeyBank said it would capitalize on Lauren Road’s experience in strategic partnerships and direct-to-market branding to elevate KeyBank’s digital lending offerings to customers, specifically, the millennial mortgage market. KeyBank will also utilize Laurel Road’s platform to boost its client experience through advanced digital tools.
"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," said Jamie Warder, head of digital for KeyBank. "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."
"We're deeply proud of what we've built at Laurel Road and share in Jamie's excitement to get to work integrating and growing our combined products and business," said Gary Lieberman, founder and chairman of Laurel Road Bank. "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."
