Fintech Platform Further Advances Bank’s
Embedded Payments Offerings
Fifth 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.
Embedded 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.
“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.”
Founded in 2014 by Justin Howell, Rize Money, Inc. is
headquartered in Arlington, Virginia.
"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."
The acquisition was made by an indirect wholly owned subsidiary
of Fifth Third and financial terms of the transaction were not
disclosed.
About Rize Money, Inc.
Rize 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.
About Fifth Third
Fifth 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 firsts is extensive, and it’s one
that continues to expand as we explore the intersection of
tech-driven innovation, dedicated people and focused community
impact. Fifth Third is one of the few U.S.-based banks to have been
named among Ethisphere’s World’s Most Ethical Companies® for
several years. With a commitment to taking care of our customers,
employees, communities and shareholders, our goal is not only to be
the nation’s highest performing regional bank, but to be the bank
people most value and trust.
Fifth Third Bank, National Association is a federally chartered
institution. Fifth Third Bancorp is the indirect parent company of
Fifth Third Bank, and its common stock is traded on the NASDAQ®
Global Select Market under the symbol "FITB." Investor information
and press releases can be viewed at www.53.com.
FORWARD-LOOKING STATEMENTS
This release contains statements that we believe are
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Rule 175 promulgated
thereunder, and Section 21E of the Securities Exchange Act of 1934,
as amended, and Rule 3b-6 promulgated thereunder. All statements
other than statements of historical fact are forward-looking
statements. These statements relate to our financial condition,
results of operations, plans, objectives, future performance,
capital actions or business. They usually can be identified by the
use of forward-looking language such as “will likely result,”
“may,” “are expected to,” “is anticipated,” “potential,”
“estimate,” “forecast,” “projected,” “intends to,” or may include
other similar words or phrases such as “believes,” “plans,”
“trend,” “objective,” “continue,” “remain,” or similar expressions,
or future or conditional verbs such as “will,” “would,” “should,”
“could,” “might,” “can,” or similar verbs. You should not place
undue reliance on these statements, as they are subject to risks
and uncertainties, including but not limited to the risk factors
set forth in our most recent Annual Report on Form 10-K as updated
by our filings with the U.S. Securities and Exchange Commission
(“SEC”).
There are a number of important factors that could cause future
results to differ materially from historical performance and these
forward-looking statements. Factors that might cause such a
difference include, but are not limited to: (1) effects of the
global COVID-19 pandemic; (2) deteriorating credit quality; (3)
loan concentration by location or industry of borrowers or
collateral; (4) problems encountered by other financial
institutions; (5) inadequate sources of funding or liquidity; (6)
unfavorable actions of rating agencies; (7) inability to maintain
or grow deposits; (8) limitations on the ability to receive
dividends from subsidiaries; (9) cyber-security risks; (10) Fifth
Third’s ability to secure confidential information and deliver
products and services through the use of computer systems and
telecommunications networks; (11) failures by third-party service
providers; (12) inability to manage strategic initiatives and/or
organizational changes; (13) inability to implement technology
system enhancements; (14) failure of internal controls and other
risk management systems; (15) losses related to fraud, theft,
misappropriation or violence; (16) inability to attract and retain
skilled personnel; (17) adverse impacts of government regulation;
(18) governmental or regulatory changes or other actions; (19)
failures to meet applicable capital requirements; (20) regulatory
objections to Fifth Third’s capital plan; (21) regulation of Fifth
Third’s derivatives activities; (22) deposit insurance premiums;
(23) assessments for the orderly liquidation fund; (24) replacement
of LIBOR; (25) weakness in the national or local economies; (26)
global political and economic uncertainty or negative actions; (27)
changes in interest rates and the effects of inflation; (28)
changes and trends in capital markets; (29) fluctuation of Fifth
Third’s stock price; (30) volatility in mortgage banking revenue;
(31) litigation, investigations, and enforcement proceedings by
governmental authorities; (32) breaches of contractual covenants,
representations and warranties; (33) competition and changes in the
financial services industry; (34) changing retail distribution
strategies, customer preferences and behavior; (35) difficulties in
identifying, acquiring or integrating suitable strategic
partnerships, investments or acquisitions; (36) potential dilution
from future acquisitions; (37) loss of income and/or difficulties
encountered in the sale and separation of businesses, investments
or other assets; (38) results of investments or acquired entities;
(39) changes in accounting standards or interpretation or declines
in the value of Fifth Third’s goodwill or other intangible assets;
(40) inaccuracies or other failures from the use of models; (41)
effects of critical accounting policies and judgments or the use of
inaccurate estimates; (42) weather-related events, other natural
disasters, or health emergencies (including pandemics); (43) the
impact of reputational risk created by these or other developments
on such matters as business generation and retention, funding and
liquidity; (44) changes in law or requirements imposed by Fifth
Third’s regulators impacting our capital actions, including
dividend payments and stock repurchases; and (45) Fifth Third's
ability to meet its environmental and/or social targets, goals and
commitments.
You should refer to our periodic and current reports filed with
the Securities and Exchange Commission, or “SEC,” for further
information on other factors, which could cause actual results to
be significantly different from those expressed or implied by these
forward-looking statements. Moreover, you should treat these
statements as speaking only as of the date they are made and based
only on information then actually known to us. We expressly
disclaim any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in our expectations or any changes in
events, conditions or circumstances on which any such statement is
based, except as may be required by law, and we claim the
protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995.
The information contained herein is intended to be reviewed in its
totality, and any stipulations, conditions or provisos that apply
to a given piece of information in one part of this press release
should be read as applying mutatis mutandis to every other instance
of such information appearing herein.
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version on businesswire.com: https://www.businesswire.com/news/home/20230522005401/en/
Adrienne Gutbier (Media Relations) adrienne.gutbier@53.com |
513-534-8038 Chris Doll (Investor Relations)
christopher.doll@53.com | 513-534-2345
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