Press release
Fifth Third Announces Acquisition of Rize Money, Inc.
Fintech Platform Further Advances Bank’s Embedded Payments Offerings CINCINNATI--(BUSINESS WIRE)-- Fifth Third Bancorp (NASDAQ: FITB) is pleased to announce
About this update from Fifth Third Bancorp
[{"type":"text","content":"\nFintech Platform Further Advances Bank’s Embedded Payments Offerings\n\n\n CINCINNATI--(BUSINESS WIRE)--\nFifth 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.\n\n\nEmbedded 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.\n\n\n“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.”\n\n\nFounded in 2014 by Justin Howell, Rize Money, Inc. is headquartered in Arlington, Virginia.\n\n\n\"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.\"\n\n\nThe acquisition was made by an indirect wholly owned subsidiary of Fifth Third and financial terms of the transaction were not disclosed.\n\n\nAbout Rize Money, Inc.\n\n\nRize 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.\n\n\nAbout Fifth Third\n\n\nFifth 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 first...