Fifth Third Bancorp Buys Rize Money For Undisclosed Sum

(RTTNews) - Fifth Third Bancorp (FITB), a banking firm, said on Monday that it has acquired Rize Money, Inc., for an undisclosed sum.

Bridgit Chayt, head of wholesale payments at Fifth Third Bank, said: "The addition of Rize Money enhances our existing embedded payments offerings and positions us to meet our clients' ever-changing needs…"

Rize Money is an embedded payments platform that provides payment infrastructure and risk management capabilities to fintechs and other firms allowing them to offer financial products through a single application programming interface.

Embedded payments, a core component of Fifth Third's Treasury Management business, is growing at double digits with projected annual revenue of $130 million, this year.

Founded in 2014, Rize Money is based in Arlington, Virginia.