KeyBank purchases Philadelphia loan forgiveness company

Cleveland-based KeyBank, one of the largest bank-based financial services companies, recently purchased Philadelphia-based GradFin, a public service loan forgiveness counseling provider.

GradFin, founded in 2015, offers solutions for people seeking assistance with student loan debt with a focus on working with financial advisors and their clients.

The purchase allows KeyBank to accelerate growth through targeted investments in digital, niche businesses. It is the company’s latest step in providing digital innovation through strategic partnerships with fintechs.

“GradFin combines the best of digital and human interaction to create a unique client experience,” Jamie Warder, KeyCorp head of digital, said. “Advisors thoroughly understand the economic environment as well as the specific needs of healthcare providers, while the digital platform provides fast and effective solutions for debt relief and government forgiveness programs. This approach perfectly fits Key’s commitment to seamless client interactions and provides for a best-in-class experience.”

GradFin CEO Chris Walters will continue to lead the GradFin team.

KeyBank’s parent company is nearly 200 years old. It provides customers with corporate and investment banking products, cash management, lending, and deposit. Its network of approximately 1,000 branches and about 1,300 ATMs serves customers in 15 states.

As of March 31, KeyCorp’s assets totaled approximately $181.2 billion.