Fifth Third Bancorp has acquired Rize Money as part of its strategy to expand its treasury management business.
Rize Money gives FinTech and other technology companies who want to offer financial products through a single application programming interface access to payment infrastructure and risk management tools. The Treasury Management division of Fifth Third, which is expected to generate USD 130 million in annual revenue this year and is expanding at a double-digit rate, is fundamentally dependent on embedded payments.
Financial details of the acquisition, which was made by a Fifth Third indirect wholly-owned subsidiary, were not made public.
Read More: Fifth Third acquires embedded payments platform Rize Money
