Fifth Third Bancorp Acquires Rize Money to Boost Embedded Payments
On May 22, 2023, Fifth Third Bancorp announced its acquisition of Rize Money, Inc., a fintech platform specializing in payment infrastructure and risk management capabilities for fintechs and technology companies. Rize Money enables its clients to offer innovative financial products through a single API integration, making it a natural complement to Fifth Third's existing embedded payments strategy. Fifth Third's embedded payments business was already experiencing double-digit growth, with projected annual revenue exceeding $130 million in 2023.
By acquiring Rize Money, Fifth Third gains enhanced API-based infrastructure to serve technology companies looking to embed financial services into their platforms without building banking capabilities from scratch. The acquisition reflects a broader industry trend in which traditional banks are strategically investing in embedded finance to expand their distribution reach. Financial terms of the deal were not publicly disclosed.
The move positions Fifth Third as a more competitive player in the BaaS and embedded payments landscape alongside other banks pursuing similar strategies.
- Signals traditional banks acquiring fintech infrastructure to compete in embedded finance rather than building in-house
- Strengthens Fifth Third's position as a bank-led BaaS provider, intensifying competition with pure-play BaaS platforms