KEYBANK AND QOLO PARTNER TO ADVANCE COMMERCIAL BANKING CAPABILITIES WITH VIRTUAL ACCOUNT MANAGEMENT
- KeyVAM® has demonstrated significant traction with $9 billion in transactions processed since October
- Strategic partnership and equity investment strengthens existing successful two-year relationship
- Platform enhancement with new features including same-day ACH reconciliation and improved reporting capabilities
- Expansion of KeyBank's fintech investment strategy, demonstrating commitment to innovation
- None.
Insights
KeyBank's equity investment in Qolo strengthens an already successful partnership that's processed $9B through their KeyVAM platform.
KeyBank's strategic minority investment in Qolo represents a significant deepening of their two-year partnership that has already yielded substantial results. The KeyVAM® platform, powered by Qolo's technology, has processed nearly
This partnership fits within KeyBank's decade-long strategy of investing in fintech providers to enhance their commercial banking capabilities. By taking a minority stake in Qolo, KeyBank secures greater input on product roadmaps while allowing Qolo to maintain its independence and serve other banking clients.
The virtual account management technology addresses critical pain points for commercial clients who manage multiple clients or cost centers. The platform enables custom virtual account structures, automated reconciliation, intuitive interfaces, and API integration – all capabilities that modern treasury departments require to streamline operations. Recent enhancements including same-day ACH reconciliation and improved reporting features show the partnership is actively evolving the platform.
For KeyBank, this represents a strategic move to strengthen its commercial banking technology stack without having to build these capabilities internally. The
KeyBank expands partnership with an equity investment in Qolo to collaborate on banking innovation
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
"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
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
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
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