ATLANTA, Sept. 14, 2016 /PRNewswire/ -- GreenSky,
LLC, today announced a groundbreaking partnership with Fifth Third
Bancorp (Nasdaq: FITB) designed to add significant strategic value
to both organizations and their customers.
The comprehensive agreement enables Fifth Third to originate
loans through GreenSky's existing merchant network and will be able
to offer GreenSky's financing solutions to merchants with whom it
does business today, improving credit access to those merchants'
customers.
Fifth Third has committed to provide phased quarterly financing
for up to $500 million in loans
originated through GreenSky's system and has an option to increase
that commitment up to $2 billion. The
arrangements also include a $50
million investment from Fifth Third in the financial
technology company.
Fifth Third Bank has also signed a separate letter of intent to
license GreenSky's market-leading technology platform and integrate
it into its online and mobile banking channels and in its
approximately 1,200 financial centers, improving speed of response
on loan decisions and increasing overall loan originations with
improved credit metrics. Near-instant loan decisions will become
available to Fifth Third's existing 2.2 million customer
base.
"GreenSky maintains funding commitments with a number of
outstanding banks," said David
Zalik, CEO of GreenSky. "This announcement, however,
reflects more than solely a funding commitment. This is a
multifaceted alliance that will not only benefit all parties today,
but that also will continue to drive customer-centric innovation in
the years ahead."
Greg D. Carmichael, president and
CEO of Fifth Third Bancorp, provided additional context in saying:
"As Fifth Third begins this relationship with GreenSky, we believe
that the best outcomes for consumers and business customers are
likely to come from this unique BankFinTech collaboration. This
alliance will speed loan decisions for Fifth Third customers and
bring new efficiencies and security to GreenSky's
customers."
"Throughout our discussions, we were impressed by the degree to
which GreenSky both innovates and shares Fifth Third's customer
centric approach," Carmichael said. "That philosophy has driven
GreenSky's success to date, and it's the same lens through which we
make decisions at Fifth Third. It was an important driver why we
made this equity investment as it creates an opportunity for us to
improve our customers' experience."
Zalik said, "This alliance represents a win for all parties –
consumers, business customers and the Fifth Third and GreenSky
organizations. We are excited about a collaboration with one of
America's premier superregional banks, and gratified that Fifth
Third Bank believed that an equity stake was warranted. We look
forward to installing all of the identified programs and to
achieving our planned business outcomes."
No specific dates have been announced for the launch of
individual programs.
ABOUT GREENSKY
GreenSky, LLC, one of the leading financial technology companies
in the country, provides technology-enabled payment solutions that
power partners to close more deals and create loyal customers. In
the past five years, GreenSky has exploded into a multi-billion
dollar enterprise, partnering with 14 banks providing
aggregate funding commitments in excess of $6.5 billion, to help more than 12,000 merchants
provide fast, frictionless and easy financing options to more than
600,000 consumers. Based in Atlanta,
Georgia, more information can be found at GreenSky.com.
ABOUT FIFTH THIRD
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio.
The Company has $144 billion in
assets and operates 1,191 full-service Banking Centers, including
94 Bank Mart® locations, most open seven days a week, inside select
grocery stores and 2,541 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West
Virginia, Georgia and
North Carolina. Fifth Third
operates four main businesses: Commercial Banking, Branch Banking,
Consumer Lending, and Wealth and Asset Management. Fifth Third also
has an 18.3% interest in Vantiv Holding, LLC. Fifth Third is among
the largest money managers in the Midwest and, as of June 30, 2016, had $305
billion in assets under care, of which it managed
$26 billion for individuals,
corporations and not-for-profit organizations. Investor
information and press releases can be viewed at
www.53.com. Fifth Third's common stock is traded on the Nasdaq®
Global Select Market under the symbol "FITB." Fifth Third Bank was
established in 1858. Member FDIC, Equal Housing Lender
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SOURCE GreenSky, LLC