Jamie Warder, Head of Digital for KeyBank

KeyBank National Association has completed the acquisition of the student loan refinancing platform, Laurel Road, with an aim to upgrade its digital lending offerings.

The acquisition, according to KeyBank, will focus on the expansion of digital-only lending capabilities, strengthening the bank’s client base with digital tools and delivering its banking services to Laurel Road’s millennial customer base.

“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.”

Launched in 2013, Laurel Road offers refinancing options, providing customers with savings over the life of their loans. In 2018, the company introduced an online mortgage platform to offer home buyers and owners a streamlined digital application process.

by Megha Bhattacharya
Market Analyst at IBS Intelligence