Fifth Third Bank announced the acquisition of Rize Money, an embedded payments platform that 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 leading Treasury Management business, supporting clients who value scale, risk sophistication and full range of payment types. The business is growing at double digits and the annual revenue is projected to eclipse $130 million this year, complementing the 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,” said 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.”
Founded in 2014 by Justin Howell, Rize Money, Inc. 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 and financial terms of the transaction were not disclosed.