KeyBank acquires digital lending platform Bolstr

Monday 25 June 2018 11:06 CET | News

Digital lending platform for small businesses Bolstr has been acquired by KeyBank.

The US-based fintech, which takes a crowdfunding approach to helping communities support their local businesses, will help KeyBank provide SMEs with better access to both small business administration (SBA) loans as well as traditional financing.

Bolstr’s technology, to be implemented throughout 2018, will enable KeyBank to digitally process loan applications faster, saving time and money .

The move from KeyBank comes as the company continues to execute on its USD 16.5 billion National Community Benefits Plan, which features a USD 2.5 billion commitment to small business lending over the next five years. KeyBank issued 739 small business loans in 2017 totaling USD 318 million.

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Keywords: KeyBank, digital lending, Bolstr, SMEs, financing , banking
Countries: World