Fifth Third Announces Acquisition of Dividend Finance

CINCINNATI–(Enterprise WIRE)–Fifth 3rd Bancorp these days introduced a definitive agreement to get Dividend Finance, a major fintech level-of-sale (POS) lender, giving financing answers for residential renewable strength and sustainability-concentrated household improvement.

“The addition of Dividend Finance to our renewable vitality portfolio enhances the scale of Fifth Third’s increasing electronic service capabilities and supports the Bank’s motivation to environmental leadership in financial solutions,” mentioned Greg Carmichael, Fifth Third chairman and CEO. “Together, we will enable our prospects with revolutionary, technologies-driven economic remedies.”

Dividend Finance was established in 2013 in San Francisco and is just one of the best nationwide photo voltaic creditors. With a vision of generating a extra efficient and sustainable environment by enabling extra expense in renewable electrical power, Dividend pioneered a funding design to improve the consequence for all parties and assistance speed up the growth of photo voltaic throughout the U.S. Dividend’s POS technology platforms help contractors and house owners to easily accessibility financing for photo voltaic and residence improvement jobs. LL Cash is the the vast majority shareholder in Dividend Finance.

“The Dividend workforce shares Fifth Third’s motivation to remedies that strengthen customers’ lives and has a powerful observe record of innovation, advancement and fantastic consumer working experience,” mentioned Tim Spence, president of Fifth 3rd Financial institution. “We’re thrilled to insert Dividend’s greatest-in-course lending working experience, which fulfills customers’ evolving preferences and can help them speed up their transition to a extra sustainable upcoming.”

“We are proud and thrilled to be a part of the Fifth Third staff. Their concentrate on tech-pushed innovation and management on ESG issues is effectively recognized and will complement our lifestyle. Dividend’s means to leverage the comprehensive equilibrium sheet, advantaged value-of-resources and broader methods of Fifth 3rd will deliver a remarkable edge to our consumers and enable us to go on to accelerate expansion,” reported Eric White, Dividend Finance CEO.

“We are proud to have supported and partnered with Dividend Finance throughout their progress and take into account them to be a leader amid their peers,” mentioned Raj Mundy, associate at LL Cash and Executive Chairman of Dividend Finance. “We are delighted to see the company grow to be component of the Fifth Third family members, and confident that its growth and momentum will be additional enabled by this transition.”

Supplying a broad assortment of bank loan items throughout multiple proprietary POS platforms, Dividend Finance has built a just one-cease resolution that enables contractors to give the greatest funding knowledge for their consumers. Dividend’s digital lending platform is built for customizability, furnishing contractors with the equipment to get new organization and debtors with a streamlined course of action for financing home enhancement jobs. In addition to a robust contractor network and a top technologies platform, Dividend has a national shopper footprint focused on prime and tremendous-prime borrowers.

Fifth 3rd is concentrated on 3 environmental sustainability tactics: lessening the Bank’s environmental footprint, managing local climate-linked hazards and supporting our consumers and communities in the transition to a a lot more sustainable long run. In 2020, Fifth Third established its to start with sustainable finance intention of $8 billion to be realized by 2025. This involves lending and funding for photo voltaic, wind, geothermal, biomass and hydropower. As a final result of this acquisition and Fifth Third’s current management posture in furnishing renewable solutions to professional clientele, Fifth 3rd is actively evaluating a new sustainable funding focus on. Additionally, Fifth Third’s Environmental, Social and Governance (ESG) report outlines the Bank’s comprehensive weather technique.

The acquisition is matter to customary closing situations, including regulatory approvals. Fifth 3rd now expects the transaction to shut in the next quarter of 2022. Macquarie Money served as fiscal advisor and Dentons served as legal counsel to Dividend Finance.

About Dividend Finance

Dividend is a main FinTech level-of-sale financial institution for house advancement and solar funding options. Started in 2013, the Company partners with photo voltaic and household enhancement contractors throughout the U.S. to offer a array of funding goods as a result of its proprietary issue-of-sale platforms. Study more by going to www.dividendfinance.com.

About LL Cash

Started in 2009, LL Money is an impartial financial investment agency controlling ~$2.9 billion for institutional and personal investors. The business focuses on Fintech companies, generating both fairness and financial debt investments. Because inception, LL has produced in excess of $3.4 billion of expenditure gains and dispersed about $4 billion to buyers.

About Fifth 3rd

Fifth 3rd Bancorp is a diversified economic providers firm headquartered in Cincinnati, Ohio, and the oblique mum or dad firm of Fifth Third Bank, Nationwide Association, a federally chartered establishment. As of December 31, 2021, the Enterprise had $211 billion in belongings and operates 1,117 complete-service Banking Facilities, and 2,322 Fifth 3rd branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Ga, North Carolina and South Carolina. In overall, Fifth 3rd offers its buyers with access to somewhere around 54,000 cost-no cost ATMs throughout the United States. Fifth Third operates four main corporations: Business Banking, Branch Banking, Customer Lending, and Prosperity & Asset Administration. Fifth Third is amongst the most significant revenue administrators in the Midwest and, as of December 31, 2021, had $554 billion in property less than treatment, of which it managed $65 billion for folks, firms and not-for-earnings businesses by way of its Rely on and Registered Financial investment Advisory firms. Trader information and press releases can be considered at www.53.com. Fifth Third’s widespread stock is traded on the NASDAQ® Global Select Marketplace less than the symbol “FITB.”

Simonne Stigall

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