Fifth Third Bancorp has acquired Rize Money, an embedded payments platform, in a deal whose value remains undisclosed. Rize Money’s fintech infrastructure platform and risk management capabilities enable various companies to efficiently develop and scale financial products and services through a single API. Fifth Third sees embedded payments as a crucial part of its treasury management business, which is experiencing double-digit growth, with projected annual revenue surpassing $130 million this year. Fifth Third emphasizes its commitment to leveraging technology and innovation for the benefit of its clients.
Facts
- Fifth Third Bancorp acquires embedded payments platform Rize Money.
- The value of the acquisition remains undisclosed.
- Rize Money, founded in 2014 and based in Virginia, offers a fintech infrastructure platform and risk management capabilities to facilitate the development and scaling of financial products and services through one API.
- Embedded payments are a key aspect of Fifth Third’s treasury management business, which is experiencing double-digit growth.
- Fifth Third projects annual revenue of over $130 million in its treasury management business this year.
- Bridgit Chayt, head of wholesale payments at Fifth Third Bank, emphasizes the bank’s commitment to utilizing technology and innovation for the benefit of its clients.
- Fifth Third Bancorp, established in 1858 and headquartered in Ohio, offers banking services to individuals, small businesses, corporates, and investment clients through its 1,100+ branches. It has over 19,000 employees and $211 billion in assets.
- Fifth Third previously acquired green energy lendtech Dividend Finance in the past year and healthcare fintech Provide in 2021.
