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KeyBank Acquires Payments Firm XUP
Wednesday 24 November 2021

US-based financial services firm KeyBank National Association has acquired B2B focused digital platform XUP Payments, the firm said.

XUP's technology enables simple, intuitive, client onboarding and servicing experiences.

Its team of engineers has built integrations with processors, 3rd party risk tools, customer relationship management systems, and other fintech services, allowing banks to offer a more integrated and seamless payments experience.

Key was an early investor in XUP, and this transaction follows a partnership between the two companies which transformed Key's Merchant Payments capabilities, accelerating its top quartile volume growth.

Key will leverage this technology to enhance the experience across its commercial product set and more broadly advance Key's embedded banking strategy.

The acquisition is the latest in a series of strategic fintech alliances to bring best-in-class payments and banking services to clients.

Key's acquisition of XUP is the organization's next step in providing digital innovation at scale.

Earlier this year, Key acquired AQN Strategies to enhance its data analytics capabilities, and in 2019, KeyBank purchased Laurel Road's digital student loan refinance platform, integrating its advanced technology and distinctive client experience.

Previously, Key formed strategic partnerships with AvidXchange, BillTrust, and among others, to provide dynamic fintech solutions for clients and prospects.

KeyCorp's (NYSE: KEY) roots trace back nearly 200 years to Albany, New York.

Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately USD 187bn at September 30, 2021.

Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of 1,000 branches and approximately 1,300 AT.

XUP, short for transactions "up," is a Banking as a Service platform that allows financial institutions to take back the merchant experience.

Its platform offers a connection between merchants, financial service providers, and acquirers across all channels. XUP is headquartered in Charlotte, North Carolina.
Date Published: 24/11/2021