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.
We are thrilled to have the opportunity to partner with Laurel Road and to continue expanding their business.Chris Gorman, Vice Chair and President of Banking, KeyCorp
We are excited to combine our technological expertise with Key's industry expertise.Gary Lieberman, Founder and Chairman, Laurel Road
Advisory firms were not disclosed for this transaction.