finance news

Fifth Third acquires Rize Money, advances embedded payment offerings

Fifth Third acquires Rize Money, advances embedded payment offerings

The American fintech, Fifth Third Bancorp, reportedly announced the successful acquisition of Rize Money, Inc., a Virginia based fintech infrastructure platform.

Bridgit Chayt, wholesale payments head at Fifth Third Bank, expressed the bank's commitment to leveraging technology and innovation to benefit its clients. Chayt further added that the addition of Rize Money will enhance the firm’s existing embedded payments offerings and will position it to meet the ever-evolving needs of the clients.

Notably, embedded payments play a crucial role in Fifth Third's renowned Treasury Management business, catering to clients who value scalability, sophisticated risk management, and a wide range of payment options. With the business experiencing double-digit growth, it is projected to generate over $130 million in annual revenue this year, adding to the Treasury Management and existing embedded payments businesses.

For the record, Fifth Third is a bank with a rich history and a strong focus on innovation. Since 1858, the bank has been dedicated to helping individuals, families, businesses, and communities thrive by offering intelligent financial services that enhance lives. It stands out as one of the few U.S.-based banks to have received multiple recognitions as one of Ethisphere's World's Most Ethical Companies®.

Meanwhile, Rize Money specializes in providing financial technology companies with a comprehensive payment framework and advanced risk management capabilities. Through a single application programming interface, Rize Money enables the companies to offer innovative financial products to their customers.

Justin Howell, Founder of Rize Money, expressed his admiration for Fifth Third Bank's accomplishments in the financial technology space and their dedication to empowering clients through innovation. He shared his excitement about joining the Fifth Third team and working together to advance their shared goals.

The acquisition was completed by an indirect wholly owned subsidiary of Fifth Third, and the financial details of the transaction were not disclosed.


Source Credit:

About the author

Pooja Sharma

Pursuing her professional career as a content writer for over two years now, Pooja Sharma is endowed with a post-graduate degree in English Literature. The articles that she writes are a balanced blend of her ever-growing love of language and the technical expertise that she has gained over the years. Currently Pooja pens insightful articles for Newsorigins and numerous other websites, covering subjects such as business, finance, and technology.