Fifth Third Bancorp is set to acquire fintech infrastructure platform Rize Money as it expands its embedded payments services.
Based in Virginia, Rize Money offers payment infrastructure and risk management capabilities to technology companies distributing financial products through single application programming interfaces.
The acquisition builds on the growth of Fifth Third’s embedded payments offering, which forms part of its treasury management business.
Bridgit Chayt, head of wholesale payments at Fifth Third Bank, says: "This acquisition is another example of Fifth Third’s commitment to leveraging technology and innovation for the benefit of our clients. The addition of Rize Money enhances our existing embedded payments offerings and positions us to meet our clients’ ever-changing needs."
Justin Howell, Rize Money founder, comments: "Fifth Third Bank’s track record in this space and dedication to empowering its clients with financial technology innovation continues to impress us. We are thrilled to join the Fifth Third team and advance our shared goals."
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