Qolo to Power Payment Solutions and Virtual Accounts for KeyBank

  • Omnichannel card and payment platform Qolo has partnered with KeyBank.
  • Via the partnership, Qolo will power KeyBank’s payment solutions and virtual accounts.
  • Based in Fort Lauderdale, Florida, Qolo made its Finovate debut at FinovateFall in September 2022.

KeyBank has selected omnichannel card and payment platform Qolo to power its API-based payment solutions and virtual accounts. The partnership will enable KeyBank customers to create advanced virtual accounts instantly. Customers also will be able to connect seamlessly to other payment modalities such as real-time payments, ACH, and wire transfers.

“Qolo’s partnership with KeyBank will bring our leading card issuing, omnichannel payments, and flexible virtual accounts to more fintechs and businesses looking to quickly launch and scale revenue-generating digital banking services,” Qolo co-founder and CEO Patricia Montesi said. “We are excited to power this intrinsic component of KeyBank’s next-generation digital offering.”

Qolo enables banks to leverage advanced digital payments functionality without having to replace their core systems. Via a single API, Qolo offers direct access to all payment rails and account types. The company’s technology also provides program management, processing, platform licensing and more. Qolo made its Finovate debut at FinovateFall last September, where it demoed its Companion Core solution.

Head of Commercial Product and Innovation at KeyBank Jon Briggs praised Qolo for its “shared commitment” to helping businesses access innovative new solutions to better serve their customers. “The integration of Qolo into KeyBank’s API is another proof point in our embedded banking strategy, allowing clients to streamline and scale their strategies by utilizing our digital payment tools to power innovation in their platforms.”

Headquartered in Fort Lauderdale, Florida, Qolo was founded in 2018. The company’s partnership announcement with KeyBank follows recent news that Qolo was working with global payouts firm PayQuicker. The collaboration will enable Qolo to provide unified disbursement services to PayQuicker and its customers. Qolo began the year celebrating a major milestone: processing more than $1 billion in total payouts in the fourth quarter of 2022.

Qolo has raised $19 million in equity funding. The company’s most recent fundraising was in August of 2021 when it secured $15 million in a Series A round led by The Raptor Group.

Photo by Blue Arauz