Fifth Third Partners with QED Investors to Advance Fintech Strategy
01/19/17
Cincinnati - Fifth Third Bancorp (Nasdaq: FITB) today announced an innovative partnership between Fifth Third Capital Holdings, LLC and leading financial technology (fintech) venture capital firm QED Investors. Under the exclusive partnership, QED Investors will advise on the continued development of Fifth Third’s strategy to leverage fintech innovation to bring new products and services to bank customers while promoting the growth of fintech companies in the U.S.
“There is an unprecedented amount of innovation emerging in all parts of the financial services ecosystem,” said Tim Spence, executive vice president and chief strategy officer for Fifth Third Bancorp. “Our partnership with QED should enable us to identify new, high-potential technologies to complement our internal R&D and innovation efforts.”
This partnership, in addition to prior fintech company investments such as GreenSky, Transactis and AvidXchange, supports Fifth Third’s NorthStar strategy of enhancing its products and serving its customers more effectively through technology. By delivering products and services that its customers can count on, Fifth Third can better help those customers achieve their financial goals.
“We are incredibly excited about partnering with Fifth Third, a bank that is at the vanguard of change in the fintech space.” said Frank Rotman, Co-Founder and Partner at QED Investors. “Fifth Third is a natural partner for QED, one that embraces innovation and shares many of our views about what the future will look like in the space. We are thrilled for what this unique partnership means for the future of fintech and financial services at large.”
Fifth Third Capital and QED Investors led ApplePie Capital’s Series B capital raise in the fourth quarter of 2016. Fifth Third Capital and QED are also investors in GreenSky and AvidXchange. Fifth Third Capital continues to seek strategic investments in Fintech companies in the US market.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of December 31, 2016, the Company had $142 billion in assets and operates 1,191 full-service Banking Centers, and 2,495 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third also has a 17.9% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2016, had $315 billion in assets under care, of which it managed $31 billion for individuals, corporations and not-for-profit organizations through its Trust and Brokerage businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”