Fintech Platform Further Advances Bank’s Embedded Payments Offerings
CINCINNATI, May 22, 2023--(BUSINESS WIRE)--Fifth Third Bancorp (NASDAQ: FITB) is pleased to announce the acquisition of Rize Money, Inc., an embedded payments platform that provides payment infrastructure and risk management capabilities to fintechs and other technology companies that want to offer innovative financial products through a single application programming interface.
Embedded payments is a core component of Fifth Third’s leading Treasury Management business, supporting clients who value scale, risk sophistication and full range of payment types. The business is growing at double digits and the annual revenue is projected to eclipse $130 million this year, complementing the existing embedded payments and Treasury Management businesses.
"This acquisition is another example of Fifth Third’s commitment to leveraging technology and innovation for the benefit of our clients," said Bridgit Chayt, head of wholesale payments at Fifth Third Bank. "The addition of Rize Money enhances our existing embedded payments offerings and positions us to meet our clients’ ever-changing needs."
Founded in 2014 by Justin Howell, Rize Money, Inc. is headquartered in Arlington, Virginia.
"Fifth Third Bank’s track record in this space and dedication to empowering its clients with financial technology innovation continues to impress us," said Howell. "We are thrilled to join the Fifth Third team and advance our shared goals."
The acquisition was made by an indirect wholly owned subsidiary of Fifth Third and financial terms of the transaction were not disclosed.
About Rize Money, Inc.
Rize Money, Inc. is a fintech infrastructure platform that provides fintechs, non-bank financial institutions, non-financial brands and other technology companies access to all the tools they need to efficiently build, launch, and scale new financial products and services via one API. Open deposit accounts, get access to payment rails and leverage innovative risk management tools all in one integrated platform.
About Fifth Third
Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.
Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank, and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com.
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