Fifth Third Completes Acquisition of Dividend Finance, Leading Lender in High Growth Solar, Sustainable Solutions

Rhea-AI Summary

Fifth Third Bancorp (NASDAQ: FITB) has successfully completed the acquisition of Dividend Finance, a prominent fintech lender focusing on point-of-sale financing for renewable energy and home improvements. This acquisition enhances Fifth Third's digital services and aims to accelerate the adoption of solar energy solutions amidst rising energy costs. Dividend Finance's platform offers customizable loan products that streamline financing for contractors and homeowners. Fifth Third continues to pursue its ESG goals, targeting $8 billion in sustainable financing by 2025.

Positive

• Acquisition of Dividend Finance expands digital service capabilities and enhances customer experience.
• Strategically positions Fifth Third in the renewable energy financing market amid rising energy prices.
• Aims to significantly grow the Dividend platform and strengthen ESG leadership.

Negative

• None.

Enhances renewable energy portfolio, digital service capabilities

CINCINNATI--(BUSINESS WIRE)-- Fifth Third Bancorp (NASDAQ: FITB) today announced it has closed on the acquisition of Dividend Finance, a leading fintech point-of-sale (POS) lender, providing financing solutions for residential renewable energy and sustainability-focused home improvement.

“The addition of Dividend Finance enhances the scale of our digital service capabilities through its tech-forward platform, provides customers and contractors with a best-in-class experience, and accelerates customer adoption of solar and sustainable home improvements, which are even more compelling given rising energy prices,” said Tim Spence, president of Fifth Third Bancorp. “We expect to grow the Dividend platform significantly and further our ESG leadership position.”

Dividend Finance offers a range of loan products across multiple proprietary POS platforms and has built a one-stop solution that enables contractors to offer the best financing experience for their customers. Dividend’s digital lending platform is designed for customizability, providing contractors with the tools to win new business and borrowers with a streamlined process for financing home improvement projects. In addition to a robust contractor network and a leading technology platform, Dividend has a national customer footprint focused on prime and super-prime borrowers.

“Fifth Third has continued to impress us with its serious commitments to financing the sustainable energy revolution, empowering its customers and its leadership in financial technology innovation,” said Eric White, who joins Fifth Third as president of Dividend Finance. “The Dividend Finance organization is thrilled to be joining the Fifth Third family to advance our bold shared ambitions.”

Fifth Third is focused on three environmental sustainability strategies: reducing the Bank’s environmental footprint, managing climate-related risks and supporting our customers and communities in the transition to a more sustainable future. In 2020, Fifth Third set its first sustainable finance goal of $8 billion to be achieved by 2025. This includes lending and financing for solar, wind, geothermal, biomass and hydropower. Additionally, Fifth Third’s Environmental, Social and Governance (ESG) report outlines the Bank’s full climate strategy.

About Fifth Third

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of March 31, 2022, the Company had $211 billion in assets and operates 1,079 full-service Banking Centers, and 2,201 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 54,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2022, had $549 billion in assets under care, of which it managed $61 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. 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.”

View source version on businesswire.com: https://www.businesswire.com/news/home/20220510005868/en/

Beth Oates (Media Relations)

Beth.Oates@53.com | 313-230-9002



Chris Doll (Investor Relations)

Christopher.Doll@53.com | 513-534-2345

Source: Fifth Third Bancorp

FAQ

What is the significance of Fifth Third Bancorp's acquisition of Dividend Finance?

The acquisition enhances Fifth Third's digital service offerings and positions it within the renewable energy financing sector.

How much sustainable financing does Fifth Third Bancorp aim for by 2025?

Fifth Third has set a sustainable finance goal of $8 billion to be achieved by 2025.

What types of financing solutions does Dividend Finance offer?

Dividend Finance provides a range of customizable loan products for residential renewable energy and sustainability-focused home improvements.

When was the acquisition of Dividend Finance by Fifth Third Bancorp completed?

The acquisition was completed recently, as announced in the press release.

How does this acquisition affect Fifth Third Bancorp's ESG initiatives?

The acquisition supports Fifth Third's environmental sustainability strategies and enhances its position as a leader in ESG initiatives.