Fifth Third has acquired embedded payments platform Rize Money. The fintech enables other fintechs, financial institutions and brands to build across multiple account types with one API.
Open deposit accounts, get access to payment rails and leverage innovative risk management tools all in one integrated platform.
Embedded payments is a core component of Fifth Third’s Treasury Management business. Specifically, it supports clients who value scale, risk sophistication and full range of payment types.
Double digit annual growth
The business is growing at double digits. Annual revenue is projected to eclipse $130m this year. Fifth Third says the deal complements its existing embedded payments and Treasury Management businesses.
“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 it positions us to meet our clients’ ever-changing needs,” said Bridgit Chayt, head of wholesale payments, Fifth Third Bank.
Founded in 2014 by Justin Howell, Rize Money is headquartered in Arlington, Virginia.
“Fifth Third Bank’s 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.”
The acquisition was made by an indirect wholly owned subsidiary of Fifth Third. Financial terms of the transaction were not disclosed.