Fifth Third Bancorp has acquired embedded payments platform Rize Money as part of staretegy to grow its treasury management business.
Rize Money 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.
Embedded payments is a core component of Fifth Third’s Treasury Management business, which is growing at double digits with projected annual revenue of $130 million this year.
“This acquisition is another example of Fifth Third’s commitment to leveraging technology and innovation for the benefit of our clients,” says Bridgit Chayt, head of wholesale payments at Fifth Third Bank. “The addition of Rize Money enhances our existing embedded payments offerings and positions us to meet our clients’ ever-changing needs.”
Funded by 13 investors, Rize has raised a total of $13.4 million in funding over three rounds - the most recent in 2021 from a Series A round.
The acquisition was made by an indirect wholly owned subsidiary of Fifth Third and financial terms of the transaction were not disclosed.