Fifth Third Completes Acquisition of Dividend Finance, Main Lender in Excessive Development Solar, Sustainable Options – Enterprise Wire

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CINCINNATI–(BUSINESS WIRE)–Fifth Third Bancorp (NASDAQ: FITB) in the present day introduced it has closed on the acquisition of Dividend Finance, a number one fintech point-of-sale (POS) lender, offering financing options for residential renewable energy and sustainability-focused home enchancment.

“The addition of Dividend Finance enhances the scale of our digital service capabilities through its tech-forward platform, provides customers and contractors with a best-in-class experience, and accelerates customer adoption of solar and sustainable home improvements, which are even more compelling given rising energy prices,” mentioned Tim Spence, president of Fifth Third Bancorp. “We expect to grow the Dividend platform significantly and further our ESG leadership position.”

Dividend Finance provides a spread of mortgage merchandise throughout a number of proprietary POS platforms and has constructed a one-stop resolution that permits contractors to supply the very best financing expertise for his or her clients. Dividend’s digital lending platform is designed for customizability, offering contractors with the instruments to win new enterprise and debtors with a streamlined course of for financing home enchancment tasks. In addition to a strong contractor community and a number one expertise platform, Dividend has a nationwide buyer footprint targeted on prime and super-prime debtors.

“Fifth Third has continued to impress us with its serious commitments to financing the sustainable energy revolution, empowering its customers and its leadership in financial technology innovation,” mentioned Eric White, who joins Fifth Third as president of Dividend Finance. “The Dividend Finance organization is thrilled to be joining the Fifth Third family to advance our bold shared ambitions.”

Fifth Third is concentrated on three environmental sustainability methods: decreasing the Bank’s environmental footprint, managing climate-related dangers and supporting our clients and communities within the transition to a extra sustainable future. In 2020, Fifth Third set its first sustainable finance purpose of $8 billion to be achieved by 2025. This contains lending and financing for solar, wind, geothermal, biomass and hydropower. Additionally, Fifth Third’s Environmental, Social and Governance (ESG) report outlines the Bank’s full local weather technique.

About Fifth Third

Fifth Third Bancorp is a diversified monetary providers firm headquartered in Cincinnati, Ohio, and the oblique dad or mum firm of Fifth Third Bank, National Association, a federally chartered establishment. As of March 31, 2022, the Company had $211 billion in belongings and operates 1,079 full-service Banking Centers, and a pair of,201 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In complete, Fifth Third offers its clients with entry to roughly 54,000 fee-free ATMs throughout the United States. Fifth Third operates 4 primary companies: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the many largest cash managers within the Midwest and, as of March 31, 2022, had $549 billion in belongings underneath care, of which it managed $61 billion for people, companies and not-for-profit organizations by means of its Trust and Registered Investment Advisory companies. Investor info and press releases may be considered at www.53.com. Fifth Third’s frequent inventory is traded on the NASDAQ® Global Select Market underneath the image “FITB.”

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