KeyBank today announced the acquisition of a digital lending platform for small businesses created by Bolstr. The fintech software, expected to be implemented in 2018, will enable KeyBank to provide faster and easier access both to SBA loans and to traditional capital for business owners.
This move accelerates KeyBank’s ability to serve small businesses by expanding their access to capital and quickly delivering credit solutions through an online application process and enhanced digital capabilities.
“KeyBank is deeply committed to helping small businesses thrive and to providing them with the funding they need to grow,” said Jamie Warder, head of KeyBank business banking. “Bolstr’s technology transforms the small business lending process and allows us to more efficiently serve small businesses for their SBA and traditional lending needs.”
Founded in 2010, Bolstr was designed to provide flexible loans that are specially tailored to small business owners. With Bolstr’s technology, KeyBank will be able to digitally accept and process loan applications significantly faster, greatly reducing the time and paperwork it takes to process these requests.
“We are excited to work with an organization that is dedicated to helping communities and small businesses prosper,” said Charlie Tribbett, co-founder of Bolstr. “By combining our digital expertise and KeyBank’s industry knowledge, business owners will receive exceptional service and the efficient lending experience they need to be successful.”
“KeyBank is continually looking for fintech relationships with services that make it easy for clients to do business, and for KeyBank to deliver real financial solutions,” added Jason Rudman, KeyBank’s director of consumer payments and digital banking. “We know small business owners appreciate the ease of digital banking to help them grow their business and our focus is on finding ways to expand our digital platform to facilitate that growth.”
Terms of the purchase have not been disclosed.
In 2017, KeyBank launched a $16.5 billion National Community Benefits Plan, including a $2.5 billion commitment to small business lending over five years. KeyBank is a top 10 SBA 7 (a) lender nationally, with the unique ability to offer clients the whole bank, from cash flow to commercial real estate to wealth management solutions.