Fifth Third Purchases An Embedded Payment Platform Rize Money

As part of its plan to grow its cash management business, Fifth Third Bancorp has bought the embedded payments platform Rize Money.

Rize Money helps fintechs and other tech companies that want to offer new financial goods through a single application programming interface by giving them payment infrastructure and risk management tools.

Embedded payments are a big part of Fifth Third’s Treasury Management business, which is growing by more than 10% this year and is expected to bring in $130 million.

“This acquisition is another example of Fifth Third’s commitment to leveraging technology and innovation for the benefit of our clients,” says Bridgit Chayt, head of wholesale payments at Fifth Third Bank. “The addition of Rize Money enhances our existing embedded payments offerings and positions us to meet our clients’ ever-changing needs.”

Rize has raised a total of $13.4 million from 13 investors over three rounds, with the most recent being a Series A round in 2021.

The purchase was made by a company of Fifth Third that was not directly owned by Fifth Third. The financial details of the deal were not made public.