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KeyBank Acquires Leading Payments Innovator XUP

Deal Enhances Key’s National Digital-first Solutions for Clients, Scales Technology Capabilities

KeyBank National Association today announced that it has acquired XUP Payments, a B2B focused digital platform.

XUP’s technology enables simple, intuitive, client onboarding and servicing experiences.  Its team of engineers has built integrations with processors, 3rd party risk tools, customer relationship management systems, and other fintech services, allowing banks to offer a more integrated and seamless payments experience.  Key was an early investor in XUP, and this transaction follows a highly successful partnership between the two companies which transformed Key’s Merchant Payments capabilities, accelerating its top quartile volume growth. 

Key will leverage this technology to enhance the experience across its commercial product set and more broadly advance Key’s embedded banking strategy. The acquisition is the latest in a series of strategic fintech alliances to bring best-in-class payments and banking services to clients.

“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,” said Ken Gavrity, Head of Enterprise Payments & Analytics for KeyBank. “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.”

“We are thrilled to be partnering with an innovator like Key,” said Chris May, XUP President. “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. 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.”

Key’s acquisition of XUP is the organization’s next step in providing digital innovation at scale. Earlier this year, Key acquired AQN Strategies to enhance its data analytics capabilities, and in 2019, KeyBank purchased Laurel Road’s digital student loan refinance platform, integrating its advanced technology and distinctive client experience. Previously, Key formed strategic partnerships with AvidXchange, BillTrust, and Bill.com among others, to provide dynamic fintech solutions for clients and prospects.

About KeyCorp

KeyCorp’s roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $187.0 billion at September 30, 2021. 

Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC. ©2021. KeyCorp.

About XUP

XUP, short for transactions “up,” is a Banking as a Service platform that allows financial institutions to take back the merchant experience. Our platform offers a seamless connection between merchants, financial service providers, and acquirers across all channels. XUP combines years of industry expertise with deep payments and technical knowledge to offer products that deliver our clients’ desired merchant experience. XUP is headquartered in Charlotte, North Carolina. For additional information, visit us at www.xuppay.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements can be identified by words such as “outlook,” “goal,” “objective,” “plan,” “expect,” “anticipate,” “intend,” “project,” “believe,” “estimate” and other words of similar meaning. Forward-looking statements represent management’s current expectations and forecasts regarding future events. If underlying assumptions prove to be inaccurate or unknown risks or uncertainties arise, actual results could vary materially from these projections or expectations. Factors that could cause Key’s actual results to differ from those described in the forward-looking statements can be found in KeyCorp’s Form 10-K for the year ended December 31, 2020, as well as in KeyCorp’s subsequent SEC filings, all of which have been filed with the Securities and Exchange Commission and are available on Key’s website (www.key.com/ir) and on the Securities and Exchange Commission’s website (www.sec.gov). Forward looking statements speak only as of the date they are made and Key does not undertake any obligation to update the forward-looking statements to reflect new information or future events.

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