Embedded payments platform Rize Money acquired by Fifth Third
Fifth Third Bancorp has acquired embedded payments platform Rize Money.
Fifth Third acquires Rize Money
The value of the deal was not disclosed.
Founded in 2014 and based in Virginia, US, Rize Money says its fintech infrastructure platform and risk management capabilities “provide 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”.
Fifth Third says embedded payments are “a core component” of its treasury management business, which is growing at double digits, with the annual revenue projected to eclipse $130 million this year.
Bridgit Chayt, head of wholesale payments at Fifth Third Bank, states the bank is “committed to leveraging technology and innovation for the benefit of its clients.”
Fifth Third has been around since 1858 and describes itself as “a bank that’s as long on innovation as it is on history”. With its HQ in Ohio, it provides banking services to individuals, small businesses, corporates, and investment clients across its network of 1,100+ branches. It employs 19,000+ staff and has assets of $211 billion.
Last year, it acquired green energy lendtech Dividend Finance. In 2021, it bought healthcare fintech Provide.
