KEYCORP /NEW/ acquired XUP Payments, a transaction completed in November 2021.
XUP Payments operates in Commercial Bank / enterprise payments, is based in Charlotte, North Carolina. On November 19, 2021, KeyBank acquired XUP Payments, a B2B-focused digital payments platform headquartered in Charlotte, North Carolina. XUP's banking-as-a-service technology enables simple, intuitive client onboarding and servicing, with integrations across processors, third-party risk tools, CRM systems and other fintech services so banks can offer a more integrated, seamless payments experience. Key had been an early investor and co-led XUP's $3 million seed round.
Key will leverage this technology to enhance the experience across its commercial product set and more broadly advance Key's embedded banking strategy. The deal followed a successful partnership that transformed Key's Merchant Payments capabilities and accelerated its volume growth.
Proven B2B payments technology Key had already partnered with and invested in; central to Key's merchant-payments and embedded-banking strategy. Integrated into KeyBank's enterprise/commercial payments business.
We've long embraced the software innovation that's sweeping through the financial services industry.Ken Gavrity, Head of Enterprise Payments & Analytics, KeyBank
Our end-to-end software solutions, combined with Key's scale and deep financial services expertise, will perfectly blend to provide clients a best-in-class payment experience.Chris May, President, XUP Payments
Advisory firms were not disclosed for this transaction.