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 Sept. 30, 2016, the Company had
$143 billion in assets and operated 1,191 full-service Banking Centers,
including 94 Bank Mart® locations, most open seven days a week, inside
select grocery stores and 2,497 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 an 17.9% interest in Vantiv Holding, LLC. Fifth Third is
among the largest money managers in the Midwest and, as of Sept. 30,
2016, had $314 billion in assets under care, of which it managed $27
billion for individuals, corporations and not-for-profit organizations. 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.”
About Fifth Third Capital
Fifth Third Capital Holdings, LLC is a subsidiary of Fifth Third
Bancorp. Fifth Third Capital seeks to invest in strategically relevant
companies that support innovation across Fifth Third’s lines of
business, bringing new solutions to bank customers and creating value
for shareholders. Established in 2010, Fifth Third Capital has made
numerous equity investments spanning the full company life cycle, from
early to mature stage.
About QED Investors
QED Investors is a leading boutique venture capital firm based in
Alexandria, VA. QED was co-founded by Nigel Morris, who also co-founded
Capital One. They are focused on investing in early stage, disruptive
financial services companies in the U.S., U.K. and Latin America. QED is
dedicated to building great businesses and uses a unique, hands-on
approach that leverages their partners’ and principals’ decades of
entrepreneurial and operational experience, helping their companies
achieve breakthrough growth. Notable investments include Credit Karma,
SoFi, Avant, Remitly, Fundera and LendUp. For more information, please
visit www.qedinvestors.com.
QED
Frank Rotman, 804-445-2232
or
Fifth Third
Sean Parker (Media), 513-534-6791
Sean.parker2@53.com
or
Sameer Gokhale (Investors), 513-534-2219