Fifth Third Bancorp Acquires Healthcare Fintech Platform Provide

Fifth Third Bancorp announced on June 22, 2021 a definitive agreement to acquire Provide, a digital platform that delivers banking, lending, and payments services to healthcare practices. The acquisition deepens a relationship that began in 2018 when Fifth Third was an early investor in Provide. By 2020, Fifth Third had started funding loans through Provide's platform, establishing a bank-fintech partnership model.

Provide has built an embedded finance offering that serves over 70% of the doctors for whom it provides acquisition financing with core banking and payments products. The deal represents a strategic move by Fifth Third to vertically integrate fintech capabilities in the healthcare sector. Financial terms of the acquisition were not publicly disclosed in the available materials.

This acquisition exemplifies the trend of traditional banks acquiring fintech partners to gain embedded finance distribution capabilities in specialized verticals.