Fifth Third Partners with QED Investors to Advance Fintech Strategy
January 20 2017 - 1:32PM
Business Wire
Fifth Third Bancorp (Nasdaq: FITB) today announced an innovative
partnership between Fifth Third Capital Holdings, LLC and leading
financial technology (fintech) venture capital firm QED Investors.
Under the exclusive partnership, QED Investors will advise on the
continued development of Fifth Third’s strategy to leverage fintech
innovation to bring new products and services to bank customers
while promoting the growth of fintech companies in the U.S.
“There is an unprecedented amount of innovation emerging in all
parts of the financial services ecosystem,” said Tim Spence,
executive vice president and chief strategy officer for Fifth Third
Bancorp. “Our partnership with QED should enable us to identify
new, high-potential technologies to complement our internal R&D
and innovation efforts.”
This partnership, in addition to prior fintech company
investments such as GreenSky, Transactis and AvidXchange, supports
Fifth Third’s NorthStar strategy of enhancing its products and
serving its customers more effectively through technology. By
delivering products and services that its customers can count on,
Fifth Third can better help those customers achieve their financial
goals.
“We are incredibly excited about partnering with Fifth Third, a
bank that is at the vanguard of change in the fintech space,” said
Frank Rotman, Co-Founder and Partner at QED Investors. “Fifth Third
is a natural partner for QED, one that embraces innovation and
shares many of our views about what the future will look like in
the space. We are thrilled for what this unique partnership means
for the future of fintech and financial services at large.”
Fifth Third Capital and QED Investors led ApplePie Capital’s
Series B capital raise in the fourth quarter of 2016. Fifth Third
Capital and QED are also investors in GreenSky and AvidXchange.
Fifth Third Capital continues to seek strategic investments in
Fintech companies in the US market.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of Sept. 30, 2016, the
Company had $143 billion in assets and operated 1,191 full-service
Banking Centers, including 94 Bank Mart® locations, most open seven
days a week, inside select grocery stores and 2,497 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 & Asset Management. Fifth Third also has an
17.9% interest in Vantiv Holding, LLC. Fifth Third is among the
largest money managers in the Midwest and, as of Sept. 30, 2016,
had $314 billion in assets under care, of which it managed $27
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.”
About Fifth Third Capital
Fifth Third Capital Holdings, LLC is a subsidiary of Fifth Third
Bancorp. Fifth Third Capital seeks to invest in strategically
relevant companies that support innovation across Fifth Third’s
lines of business, bringing new solutions to bank customers and
creating value for shareholders. Established in 2010, Fifth Third
Capital has made numerous equity investments spanning the full
company life cycle, from early to mature stage.
About QED Investors
QED Investors is a leading boutique venture capital firm based
in Alexandria, VA. QED was co-founded by Nigel Morris, who also
co-founded Capital One. They are focused on investing in early
stage, disruptive financial services companies in the U.S., U.K.
and Latin America. QED is dedicated to building great businesses
and uses a unique, hands-on approach that leverages their partners’
and principals’ decades of entrepreneurial and operational
experience, helping their companies achieve breakthrough growth.
Notable investments include Credit Karma, SoFi, Avant, Remitly,
Fundera and LendUp. For more information, please visit
www.qedinvestors.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170120005529/en/
QEDFrank Rotman, 804-445-2232orFifth ThirdSean
Parker (Media), 513-534-6791Sean.parker2@53.comorSameer Gokhale
(Investors), 513-534-2219
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