Laurel Road
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| ISIN | 🆔 |
|---|---|
| Industry | Online banking, healthcare banking, checking account, credit cards |
| Founded 📆 | 2006, 16 years |
| Founders 👔 | Gary Lieberman |
Area served 🗺️ | |
Key people | Alyssa Schaefer (General Manager & Chief Experience Officer), Arjun Sirrah (Executive VP of Engineering), Kaitlin Walsh-Epstein (Chief Marketing Officer), Jamie Warder (Chief Digital Officer), Jonas Vernon Ng (Chief Operating Officer), Eric Sutton (Head of Design) |
| Products 📟 | Student loan refinancing, healthcare banking, checking and credit cards, student loan forgiveness |
| Members | |
Number of employees | |
| 🌐 Website | laurelroad |
| 📇 Address | |
| 📞 telephone | |
Laurel Road is an American financial services company with offices in New York City, Bridgeport, Connecticut and San Diego, California. The company specializes primarily in providing digital platforms for student loan origination, although in recent years has also focused on mortgage origination and consumer loans.[1] Laurel Road began as the online lending division of Darien Rowayton Bank until the bank underwent a rebranding and integration with Laurel Road in April 2018.[2] It was subsequently acquired by KeyCorp in January 2019.[2]
History[edit]
Laurel Road began in 2006 as the online division of Darien Rowayton Bank, a brick-and-mortar bank based in Darien and Rowayton, Connecticut.[3][4] In 2009, CEO Gary Lieberman acquired a controlling stake in the company and began to scale Darien Rowayton Bank's online lending platform, known as Laurel Road, to provide student loan refinancing in all 50 U.S. States by 2013.[5]
Laurel Road's primary financial service is student loan refinancing and origination.[6] These refinancing options are primarily targeted toward medical and dental school graduates.[7]
Since 2013, Laurel Road has provided consolidations and refinancing opportunities in more than $9 billion in both federal and private student loans.[8]
In 2018, Darien Rowayton Bank announced an official rebranding under the “Laurel Road” name to integrate its brick-and-mortar branches with its online digital lending service to “better [reflect] the bank’s expanding national business and focus on customer experience.”[9]
In August 2018, Laurel Road was named to Inc. Magazine’s 37th annual list of America’s fastest growing private companies.[10]
This was followed by an acquisition of the company by KeyBank, the financial services arm of KeyCorp, in April 2019, after Laurel Road continued to grow and saw more than $4 billion in loan originations since 2013.[11] Since 2019, Laurel Road has also offered digital mortgages, citing the connection between student loan refinancing and home buying.[11][12]
In March 2021, Laurel Road announced its plan to create a digital banking service for physicians and dentists entitled Laurel Road for Doctors.[13] The service plans to, “[work] directly with doctors to create a platform that meets the distinct challenges of this community.”[14] This home loan program tailored specifically for physicians and dentists, which offers financing and flexible options to recognize medical professionals’ creditworthiness and earning potential.[13]
In September 2002, Laurel Road also launched its new checking account option and a cashback credit card. Setting it apart from other digital banking platforms, it offers customers the opportunity to open checking or savings accounts during the refinancing process that then offer lower student loan refinancing APRs.[15]
In May 2022, KeyBank and Laurel Road acquired Gradfin, a fintech startup that offers counseling to those seeking help with student loan debt and Public Service Loan Forgiveness (PSLF) to enhance the company’s offerings for healthcare clients, especially nurses and physicians working for nonprofit organizations in the public sector who may benefit from PSLF and other federal loan programs.[16]
In 2013, Laurel Road introduced their Physician Mortgage, a home loan program tailored specifically for physicians and dentists, which offers financing and flexible options to recognize medical professionals’ creditworthiness and earning potential.[17]
With a continued focus on healthcare professionals, Laurel Road launched their Loyalty Checking account in June 2022, the first checking account designed specifically for nurses.[18] In November 2022, they also announced a partnership with VICE Media Group on the documentary series I'm Also a Doctor, celebrating the individuality of healthcare professionals.[19]
In July 2022, it was announced that the New York headquarters for Laurel Road offices would join Zero Irving, a 21-story tower in Manhattan’s Union Square.[20]
Model[edit]
Laurel Road's primary products and services have been based around a digital platform that provides student loan refinancing for medical and dental school graduates.[2][21][22]
Medical Partners[edit]
As a part of its model, Laurel Road partners with healthcare and medical organizations, such as the American Association of Nurses, ProMedica, and US Radiology Specialists to provide refinancing and banking options to members of these communities.[23]
Student Loan Refinancing[edit]
Laurel Road's primary financial service is student loan refinancing and origination.[2] These refinancing options are primarily targeted toward medical and dental school graduates.[2][21]
Mortgages[edit]
Since 2019, Laurel Road has also offered “digital mortgages,” citing the connection between student loan refinancing and home buying.[2]
Banking[edit]
Since 2021, Laurel Road has allowed members of its platform to use digital checking services, in addition to digital student loan refinancing and mortgaging options, via a mobile banking application.
This article "Laurel Road" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Laurel Road. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
- ↑ Zimmerman, Kevin (April 4, 2018). "Darien Rowayton Bank rebrands as Laurel Road". Westchester & Fairfield County Business Journals.
- ↑ 2.0 2.1 2.2 2.3 2.4 2.5 Soule, Alexander (January 16, 2019). "KeyBank acquires NYC lender with roots in Darien". The Hour. Retrieved January 17, 2019.
- ↑ Soule, Alexander; Tewa, Sophia (March 1, 2018). "Darien Rowayton Bank changes name to Laurel Road Bank". The Hour.
- ↑ "DR Bank". DR Bank. DR Bank.
- ↑ Soule, Alexander (April 3, 2019). "Connecticut regulators approve sale of Darien student lender". The Hour.
- ↑ Farrington, Robert (June 2021). "Laurel Road Student Loan Refinancing Review 2023". The College Investor.
- ↑ "Laurel Road". White Coat Investor.
- ↑ "Laurel Road Advances Digital Banking with New Checking and Mobile Application". PRNewswire. September 23, 2021.
- ↑ Zimmerman, Kevin (April 4, 2018). "Darien Rowayton Bank rebrands as Laurel Road". Westchester & Fairfield County Business Journals.
- ↑ "Laurel Road Named To Inc. Magazine's 37th Annual List Of America's Fastest-Growing Private Companies". PRNewswire. August 15, 2018.
- ↑ 11.0 11.1 Soule, Alexander (January 16, 2019). "KeyBank acquires NYC lender with roots in Darien". The Hour.
- ↑ Robertson, Colin (13 June 2018). "Laurel Road: Truly Digital Mortgages Built Entirely Online". The Truth About Mortgage.
- ↑ 13.0 13.1 Lawson, Loraine (December 8, 2021). "KeyBank grows geographic footprint by targeting doctors, dentists". Bank Automation News.
- ↑ "KeyBank and Laurel Road Launch Digital Bank for Doctors - Bloomberg". Bloomberg. March 30, 2021.
- ↑ Farrington, Robert (14 May 2023). "Laurel Road Banking Review | Checking And Savings". The College Investor.
- ↑ McDonnell, Sean (May 10, 2022). "KeyBank buys startup focused on student loan counseling in another fintech acquisition". Cleveland.com.
- ↑ Derks, Eileen (13 August 2022). "Rates Are Rising: How to Navigate Buying a Home in the Current Market". The White Coat Investor.
- ↑ Cocheo, Steve. "Two Digital Banking Models for Targeting Doctors and Nurses". The Financial Brand.
- ↑ Scrubs (7 December 2022). ""I'm Also a Doctor" Highlights Physician's Passion for Music - Scrubs". Scrubs Magazine.
- ↑ Morris, Sebastian (24 July 2022). "Laurel Road Joins 'Zero Irving' at 124 East 14th Street in Union Square, Manhattan". New York Yimby.
- ↑ 21.0 21.1 "Laurel Road - AMSA". American Medical Student Association.
- ↑ Lawson, Loraine (December 8, 2021). "KeyBank grows geographic footprint by targeting doctors, dentists". Bank Automation News.
- ↑ "AANP & Laurel Road: A Winning Partnership". American Association of Nurse Practitioners. Retrieved January 17, 2019.
