Fifth Third completes acquisition of healthcare fintech Provide
Fifth Third Bancorp, parent company of Fifth Third Bank, has completed the acquisition of Provide, a digital financial platform for healthcare practices.
Fifth Third originally invested in Provide in 2018
Founded in 2013, Provide offers a suite of financial products designed to make starting and running a healthcare practice easier.
The company started out providing lending services and has facilitated more than $1 billion in loans. It has since grown to offer banking accounts and payments services.
Fifth Third originally invested in Provide as early as 2018, and the bank began funding loans through the company’s platform in 2020.
It says Provide will maintain its branding and continue to operate independently.
The Cincinnati-based financial services firm, which currently boasts around $205 billion in assets, claims the acquisition will help it address “the most complex lending and banking needs of retail healthcare providers”.
“Provide enables us to deliver a client experience that allows healthcare providers to focus on what they do best — providing the care their patients need while we make their banking experience convenient and efficient,” adds Kala Gibson, head of business banking at Fifth Third Bank.
