KeyBank Acquires Leading Payments Innovator XUP

Originally published on KeyBank ranked No. 23 on The Fair360, formerly DiversityInc Top 50 Companies for Diversity list in 2021.


On Nov. 22, KeyBank National Association 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 among others, to provide dynamic fintech solutions for clients and prospects.