Press release
Fifth Third Completes Acquisition of Dividend Finance, Leading Lender in High Growth Solar, Sustainable Solutions
Enhances renewable energy portfolio, digital service capabilities CINCINNATI--(BUSINESS WIRE)-- Fifth Third Bancorp (NASDAQ: FITB) today announced it has
About this update from Fifth Third Bancorp
[{"type":"text","content":"\nEnhances renewable energy portfolio, digital service capabilities\n\n CINCINNATI--(BUSINESS WIRE)--\nFifth Third Bancorp (NASDAQ: FITB) today announced it has closed on the acquisition of Dividend Finance, a leading fintech point-of-sale (POS) lender, providing financing solutions for residential renewable energy and sustainability-focused home improvement.\n\n“The addition of Dividend Finance enhances the scale of our digital service capabilities through its tech-forward platform, provides customers and contractors with a best-in-class experience, and accelerates customer adoption of solar and sustainable home improvements, which are even more compelling given rising energy prices,” said Tim Spence, president of Fifth Third Bancorp. “We expect to grow the Dividend platform significantly and further our ESG leadership position.”\n\nDividend Finance offers a range of loan products across multiple proprietary POS platforms and has built a one-stop solution that enables contractors to offer the best financing experience for their customers. Dividend’s digital lending platform is designed for customizability, providing contractors with the tools to win new business and borrowers with a streamlined process for financing home improvement projects. In addition to a robust contractor network and a leading technology platform, Dividend has a national customer footprint focused on prime and super-prime borrowers.\n\n“Fifth Third has continued to impress us with its serious commitments to financing the sustainable energy revolution, empowering its customers and its leadership in financial technology innovation,” said Eric White, who joins Fifth Third as president of Dividend Finance. “The Dividend Finance organization is thrilled to be joining the Fifth Third family to advance our bold shared ambitions.”\n\nFifth Third is focused on three environmental sustainability strategies: reducing the Bank’s environmental footprint, managing climate-related risks and supporting our customers and communities in the transition to a more sustainable future. In 2020, Fifth Third set its first sustainable finance goal of $8 billion to be achieved by 2025. This includes lending and financing for solar, wind, geothermal, biomass and hydropower. Additionally, Fifth Third’s Environmental, Social and Governance (ESG) report outlines the Bank’s full climate ...