\nFifth 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.<\/p>\n
\nEmbedded payments is a core component of Fifth Third\u2019s 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.<\/p>\n
\n\u201cThis acquisition is another example of Fifth Third\u2019s commitment to leveraging technology and innovation for the benefit of our clients,\u201d said Bridgit Chayt, head of wholesale payments at Fifth Third Bank. \u201cThe addition of Rize Money enhances our existing embedded payments offerings and positions us to meet our clients\u2019 ever-changing needs.\u201d<\/p>\n
\nFounded in 2014 by Justin Howell, Rize Money, Inc. is headquartered in Arlington, Virginia.<\/p>\n
\n“Fifth Third Bank\u2019s 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.”<\/p>\n
\nThe acquisition was made by an indirect wholly owned subsidiary of Fifth Third and financial terms of the transaction were not disclosed.<\/p>\n
About Rize Money, Inc.<\/span><\/b><\/p>\n \nRize 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.<\/p>\n About Fifth Third<\/span><\/b><\/p>\n \nFifth Third is a bank that\u2019s as long on innovation as it is on history. Since 1858, we\u2019ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it\u2019s 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\u2019s World\u2019s Most Ethical Companies\u00ae 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\u2019s highest performing regional bank, but to be the bank people most value and trust.<\/p>\n \nFifth 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\u00ae Global Select Market under the symbol “FITB.” Investor information and press releases can be viewed at www.53.com<\/a>.<\/p>\n FORWARD-LOOKING STATEMENTS<\/strong><\/p>\n This release contains statements that we believe are \u201cforward-looking statements\u201d 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.<\/i>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 \u201cwill likely result,\u201d \u201cmay,\u201d \u201care expected to,\u201d \u201cis anticipated,\u201d \u201cpotential,\u201d \u201cestimate,\u201d \u201cforecast,\u201d \u201cprojected,\u201d \u201cintends to,\u201d or may include other similar words or phrases such as \u201cbelieves,\u201d \u201cplans,\u201d \u201ctrend,\u201d \u201cobjective,\u201d \u201ccontinue,\u201d \u201cremain,\u201d or similar expressions, or future or conditional verbs such as \u201cwill,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cmight,\u201d \u201ccan,\u201d 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 (\u201cSEC\u201d).<\/i><\/p>\n 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\u2019s 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\u2019s capital plan; (21) regulation of Fifth Third\u2019s 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\u2019s 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\u2019s 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\u2019s 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.<\/i><\/p>\n You should refer to our periodic and current reports filed with the Securities and Exchange Commission, or \u201cSEC,\u201d 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.<\/i><\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230522005401\/en\/<\/a><\/span><\/p>\n \nAdrienne Gutbier (Media Relations) KEYWORDS:<\/b> United States North America Virginia Ohio<\/p>\n INDUSTRY KEYWORDS:<\/b> Professional Services Payments Technology Software Finance Fintech Banking<\/p>\n<\/p>\n
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adrienne.gutbier@53.com<\/a> | 513-534-8038
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Chris Doll (Investor Relations)
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christopher.doll@53.com<\/a> | 513-534-2345<\/p>\n
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