Fifth Third Bancorp in Cincinnati has agreed to buy Provide, a digital platform for health care practices.
The $207 billion-asset Fifth Third said the acquisition will add capabilities to address complex lending and banking needs for retail health care providers. Fifth Third did not disclose the price it will pay.
Fifth Third said the acquisition will add $6 million in revenue this year, along with $14 million in expenses as it invests in the platform.
Provide, founded in 2013, has originated more than $1 billion of loans.
Fifth Third said it holds about $400 million of Provide loans and that it will hold all of the company’s future originations.