KEYCORP /NEW/ acquires Laurel Road (digital lending business)
Snapshot
KEYCORP /NEW/ acquired Laurel Road (digital lending business) in April 2019. Laurel Road (digital lending business) is a New York City (teams also based in Connecticut and California)-based Consumer Bank / digital lending business.
- Acquirer
- KEYCORP /NEW/
- Target
- Laurel Road (digital lending business)
- Value
- (not disclosed)
- Date
- April 2019
- Type
- asset purchase
- Status
- ready
The deal at a glance
About this deal
KEYCORP /NEW/ acquired Laurel Road (digital lending business), a transaction completed in April 2019. The deal was a asset purchase.
Laurel Road (digital lending business) operates in Consumer Bank / digital lending, is based in New York City (teams also based in Connecticut and California). On April 3, 2019, KeyBank acquired Laurel Road's digital lending business from Laurel Road Bank. Laurel Road, based in New York City, operated a digital lending platform best known for student loan refinancing (launched 2013, with more than $4 billion in originations) plus online mortgage and consumer lending. Laurel Road Bank's three bank branches in southeast Connecticut were not part of the transaction.
Through the acquisition, KeyBank expects to enhance its digital capabilities with state-of-the-art, customer-centric technology and to leverage Laurel Road's proven ability to attract and serve professional millennial clients.
Best-in-class digital lending technology and a proven ability to attract and serve professional millennial clients; became Key's national digital banking brand. Operated as Laurel Road, KeyBank's national digital bank brand; approximately 140 Laurel Road employees joined KeyBank.
No advisory firms have been disclosed for this transaction.