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Keybank Announces Acquisition of Xup Payments

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KeyBank National Association has acquired the digital payments platform XUP Payments, which focuses on B2B transactions.

Ken Gavrity, Head of Enterprise Payments & Analytics for KeyBank, said, “We’ve long embraced the software innovation that’s sweeping through the financial services industry, and the acquisition of XUP allows us to continue to be a leader in this space. XUP’s highly experienced team has accelerated us on the journey to build connectivity across our systems, our partners, and our customers, to make it easy to do business with Key.”

XUP’s technology makes client onboarding and servicing simple and intuitive. A team of engineers from its company has built integrations with processors, 3rd party risk tools, customer relationship management (CRM) systems, and other fintech services that allow banks to offer integrated, seamless payments experiences. XUP was one of Key’s earliest investors, and the transaction builds upon the success of a partnership between the two companies that transformed Key’s Merchant Payments capabilities, accelerating its top quartile volume growth.

Chris May, XUP President, said, “We are thrilled to be partnering with an innovator like Key. Our end-to-end software solutions, combined with Key’s scale and deep financial services expertise, will perfectly blend to provide clients with a best-in-class payment experience. This partnership is unique in the industry and, together, we are ready to embark on this next phase of growth to pioneer remarkable digital experiences across a series of products and services.”

This technology will enable Key to improve the experience across its commercial product set as well as advance Key’s embedded banking strategy more broadly. With this acquisition, the company is bringing to its client best-in-class payments and banking services.

As part of its efforts to provide digital innovation at scale, Key has acquired XUP. With the acquisition of AQN Strategies earlier this year, KeyBank enhanced its data analytics capabilities, and with the acquisition of Laurel Road’s digital student loan refinance platform in 2019, KeyBank integrated its advanced technology and unique client experience. Key has previously formed strategic partnerships with AvidXchange, BillTrust, and Bill.com, among others, to provide clients and prospects with fintech solutions.


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