Fifth Third Bancorp to bolster FinTech portfolio with acquisition of Rize Money

Fifth Third Bancorp to bolster FinTech portfolio with acquisition of Rize Money

Fifth Third Bancorp, a US-based financial services company, has announced its acquisition of Rize Money, a Virginia-headquartered embedded payments platform.

Rize Money provides payment infrastructure and risk management capabilities to FinTech firms and other tech enterprises wanting to deliver innovative financial products via a single application programming interface (API).

The acquisition is intended to bolster Fifth Third Bancorp’s embedded payments offerings, a key component of the bank’s successful Treasury Management business. The bank supports clients who seek scale, risk sophistication, and a comprehensive range of payment types. The business, projected to generate annual revenue of $130m this year, is experiencing double-digit growth, enhancing the bank’s embedded payments and Treasury Management businesses.

Fifth Third Bancorp has a long-standing history dating back to 1858. The bank focuses on providing smart financial services to individuals, families, businesses, and communities. It also explores the intersection of tech-driven innovation, dedicated personnel, and community impact. The bank has repeatedly been named among Ethisphere’s World’s Most Ethical Companies®, reinforcing its commitment to customers, employees, communities, and shareholders.

Rize Money, founded in 2014 by Justin Howell, operates as a fintech infrastructure platform. It offers fintech firms, non-bank financial institutions, non-financial brands, and other tech companies access to all the tools necessary to efficiently construct, launch, and scale new financial products and services via a single integrated platform.

Bridgit Chayt, head of wholesale payments at Fifth Third Bank, stated that the acquisition of Rize Money underscores Fifth Third’s commitment to utilising technology and innovation for client benefit. “The addition of Rize Money enhances our existing embedded payments offerings and positions us to meet our clients’ ever-changing needs,” she said.

Justin Howell echoed these sentiments, stating, “We are thrilled to join the Fifth Third team and advance our shared goals.” He expressed admiration for Fifth Third’s record in the sector and its dedication to enhancing client experience through financial technology innovation.

The acquisition was executed by an indirect wholly-owned subsidiary of Fifth Third. However, the financial terms of the transaction have not been disclosed.

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