Stripe selects Newline by Fifth Third Bank to expand its embedded financial services offering
US fintech giant Stripe has partnered with Fifth Third Bank’s embedded payments unit Newline to expand its embedded financial services offering.
Stripe selects Newline by Fifth Third Bank
Newline operates as an API platform that enables companies to embed payment, card and deposit products directly with Fifth Third Bank.
The bank says its Newline tech will specifically be used “later this year” to power Stripe Treasury, a service which enables software businesses to offer embedded financial accounts to their customers.
According to Fifth Third Bank, the collaboration “further enhances Stripe’s ability to deliver compliant embedded money movement solutions for their platform clients and their end users”.
Last year, the bank acquired embedded payments fintech Rize Money for an undisclosed sum, saying at the time that embedded payments are “a core component” of its treasury management business.
The adoption of Newline indicates the continued acceleration of Stripe as an embedded solutions and financial infrastructure provider, after it was officially announced this week that the fintech has signed an agreement to acquire Lemon Squeezy.
The US-based start-up operates as a merchant of record and offers software companies tools to automate functions like sales tax compliance, payments, subscriptions, billing, licence management, email marketing and fraud prevention, among other things.
