KeyBank expands partnership with an equity investment in Qolo to collaborate on banking innovation

CLEVELAND, June 3, 2025 /PRNewswire/ -- KeyBank (NYSE:KEY) today announced a strategic partnership with Qolo, a pioneer of payment cycle management solutions. This partnership, along with the launch of KeyVAM^® announced last year, marks the most recent in KeyBank's decade-long strategy of investing in and partnering with emerging fintech providers. Qolo's cutting-edge solutions have been validated by KeyBank's minority investment, further highlighting their impact in the market and shared commitment to driving innovation and delivering transformative solutions. Terms of the investment were not disclosed.

KeyVAM^® is a technology-enabled cash management solution powered by Qolo, providing clients with the ability to manage multiple clients or cost centers with custom virtual account structures, automated reporting and reconciliation, an intuitive user interface, and fast, easy API integration.

"After two years of a very successful working relationship, we were happy to participate in a minority funding round that fully aligns KeyBank's interest with Qolo while respecting Qolo's commitment to serve all its banking clients transparently," said Diana Welch Howell, head of Key Commercial Bank Alternative and Fintech Strategies. "Our partnership ensures an integrated view of the product roadmap and the client experience. The success that we have had with these types of partnerships over the past decade shows that our clients trust us to deliver solutions that complement our core services."

"Our ongoing partnership with KeyBank is focused on empowering businesses and financial institutions with technology that drives better client experiences," said Qolo CEO Patricia Montesi. "We are excited to have KeyBank become a minority investor and to see our relationship be reinforced after working closely the last two years in delivering KeyVAM^®. Their partnership is a testament to our commitment to advance innovation in the banking industry as we continue to grow and expand our partnerships and deliver real value to our clients."

KeyVAM^® has processed nearly $9 billion in transactions, marking a significant milestone in the platform's success since last October. The enhanced platform builds upon KeyVAM's core benefits, which include ACH reconciliation within flexible virtual account structures, streamlined cash management, customized reporting, and integration capabilities through flexible APIs. Recent enhancements include same-day ACH reconciliation, enhanced dashboard reporting for cash flow visualizations and improved statement reporting to simplify reconciliation for primary accounts as well as virtual sub-accounts.

"The success of KeyVAM^® and subsequent development of new capabilities are a result of our collaboration with Qolo," said Bennie Pennington, Head of Embedded Banking at KeyBank. "Qolo's technology and deep knowledge of the financial industry represents a leap forward in how commercial payments are managed across a wide range of industry verticals."

About KeyCorp

In 2025, KeyCorp celebrates its bicentennial, marking 200 years of service to clients and communities from Maine to Alaska. To learn more, visit KeyBank Heritage Center. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $189 billion at March 31, 2025.

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 approximately 1,000 branches and approximately 1,200 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 Member FDIC.

About Qolo

Qolo's mission is to accelerate the world's journey to simplify payments. Through our all-in-one card issuing, ledger, and payments platform, we empower our customers to launch innovative financial products, centralize their payments infrastructures, and provide real-time visibility into their payment solutions–all while also speeding time to market and lowering total cost of ownership. Qolo's next-generation infrastructure provides instant access to payments data, analytics, card and account generation, and money movement. Join us as we reshape the future of payments.

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SOURCE KeyBank