KEYCORP /NEW/ acquires GradFin
Snapshot
KEYCORP /NEW/ acquired GradFin for $72 million (≈$62M cash + $10M contingent consideration) in May 2022. The transaction was structured as cash plus contingent consideration. GradFin is a Philadelphia, Pennsylvania-based Consumer Bank / digital, niche lending services business.
- Acquirer
- KEYCORP /NEW/
- Target
- GradFin
- Value
- $72 million (≈$62M cash + $10M contingent consideration)
- Date
- May 2022
- Type
- full acquisition
- Status
- ready
The deal at a glance
About this deal
KEYCORP /NEW/ acquired GradFin for $72 million (≈$62M cash + $10M contingent consideration), a transaction completed in May 2022, structured as cash plus contingent consideration.
GradFin operates in Consumer Bank / digital, niche lending services, is based in Philadelphia, Pennsylvania. On May 2, 2022, KeyBank acquired GradFin, one of the nation's leading Public Service Loan Forgiveness counseling providers, founded in 2015 and headquartered in Philadelphia, Pennsylvania. GradFin offers high-touch advisory solutions for individuals managing student loan debt, with a focus on working with financial advisors and their clients. Consideration totaled $72 million, consisting of $62 million in cash and $10 million in contingent consideration.
The acquisition furthers Key's commitment to accelerate growth through targeted investments in digital, niche businesses, combining digital and human interaction to create a unique client experience.
Differentiated student-loan-forgiveness counseling capability and advisor-channel reach that fit Key's strategy of targeted digital, niche investments. Continued to operate under CEO Chris Walters within KeyBank.
No advisory firms have been disclosed for this transaction.