Fifth Third Bancorp in Cincinnati has acquired Rize Money, an Arlington, Va., embedded payments platform.
The $209 billion-asset Fifth Third said in a press release that Rize Money provides payment infrastructure and risk management capabilities to fintechs and other technology companies. The price wasn’t disclosed.
Fifth Third said that its embedded payments business is growing at double digits with annual revenue projected to top $130 million this year.
The acquisition “is another example of Fifth Third’s commitment to leveraging technology and innovation for the benefit of our clients,” Bridgit Chayt, Fifth Third’s head of wholesale payments, said in the release.
“Rize Money enhances our existing embedded payments offerings and positions us to meet our clients’ ever-changing needs,” she added.
Rize Money was founded in 2014.