Retail Banking Company KeyBank Acquires GradFin

KeyBank has acquired GradFin, a Philadelphia company that provides public service loan forgiveness counseling, according to a Monday (May 9) press release. Terms of the deal were not disclosed.

“GradFin combines the best of digital and human interaction to create a unique client experience,” said KeyBank Head of Digital Jamie Warder in the release. “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. This approach perfectly fits Key’s commitment to seamless client interactions and provides for a best-in-class experience.”

KeyBank said in the release the acquisition is part its ongoing plan to provide “digital innovation at scale” by making strategic partnerships with FinTechs.

Last month, KeyBank and B2B automation and integrated payments platform Billtrust expanded their provider relationship, allowing KeyBank to deliver invoices to more than 170 accounts payable (AP) portals.

Read more: Billtrust’s KeyBank Partnership Now Includes B2B Invoice Delivery

“BPN has given our clients the ability to quickly convert checks to digital payments,” KeyBank Enterprise Payments Head of Emerging Products Megan Kakani said at the time. “KeyBank is excited to take an active role in adding new suppliers that will benefit from increased electronic acceptance and reconciliation capabilities.”

PYMNTS spoke earlier this year with Kakani about the increase in the number of payment choices available to payors.

See more: KeyBank on Payments Ubiquity’s Role in Meeting Consumers’ and Businesses’ Expectations

She explained that while the growing boom in payments choice is a positive development, it still presents challenges for payors as they try to meet recipients’ wide-ranging payment demands.

Kakani said one of the key challenges for payors making business-to-consumer (B2C) disbursements comes from maintaining security while working with a wide range of payment networks. Payees entrust sensitive data such as bank account information and account details used for push payments, making it vital to strengthen security across various rails.

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NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORE CARDS – APRIL 2022

About: Shoppers who have store cards use them for 87% of all eligible purchases — but this doesn’t mean retailers should boot buy now, pay later (BNPL) options from checkout. The Truth About BNPL And Store Cards, a PYMNTS and PayPal collaboration, surveys 2,161 consumers to find out why providing both BNPL and store cards are key to helping merchants maximize conversion.

https://www.pymnts.com/acquisitions/2022/keybank-acquires-loan-forgiveness-counseling-service-gradfin/