CINCINNATI–(Enterprise WIRE)–Fifth Third Bancorp today announced a definitive settlement to receive Dividend Finance, a leading fintech stage-of-sale (POS) lender, offering financing solutions for household renewable power and sustainability-focused home improvement.
“The addition of Dividend Finance to our renewable strength portfolio boosts the scale of Fifth Third’s rising digital company abilities and supports the Bank’s motivation to environmental management in monetary companies,” mentioned Greg Carmichael, Fifth Third chairman and CEO. “Together, we will help our consumers with innovative, technological know-how-pushed money remedies.”
Dividend Finance was established in 2013 in San Francisco and is one particular of the leading nationwide photo voltaic creditors. With a vision of making a more economical and sustainable earth by enabling additional investment decision in renewable vitality, Dividend pioneered a funding product to improve the consequence for all functions and support accelerate the expansion of solar throughout the U.S. Dividend’s POS engineering platforms empower contractors and householders to very easily entry financing for photo voltaic and property improvement projects. LL Cash is the the vast majority shareholder in Dividend Finance.
“The Dividend team shares Fifth Third’s commitment to alternatives that improve customers’ life and has a robust keep track of report of innovation, growth and excellent purchaser knowledge,” explained Tim Spence, president of Fifth Third Bank. “We’re thrilled to increase Dividend’s greatest-in-course lending encounter, which meets customers’ evolving choices and aids them speed up their transition to a a lot more sustainable potential.”
“We are very pleased and psyched to sign up for the Fifth Third crew. Their concentration on tech-driven innovation and leadership on ESG matters is perfectly regarded and will enhance our culture. Dividend’s ability to leverage the extensive harmony sheet, advantaged expense-of-cash and broader means of Fifth Third will present a great edge to our buyers and empower us to carry on to accelerate growth,” claimed Eric White, Dividend Finance CEO.
“We are very pleased to have supported and partnered with Dividend Finance through their development and take into account them to be a chief among their friends,” mentioned Raj Mundy, spouse at LL Resources and Government Chairman of Dividend Finance. “We are delighted to see the organization come to be part of the Fifth 3rd family, and self-confident that its expansion and momentum will be more enabled by this changeover.”
Featuring a broad range of bank loan items throughout several proprietary POS platforms, Dividend Finance has designed a just one-prevent option that allows contractors to offer the ideal funding expertise for their prospects. Dividend’s electronic lending platform is built for customizability, supplying contractors with the equipment to gain new small business and borrowers with a streamlined process for financing dwelling advancement tasks. In addition to a sturdy contractor network and a main technologies system, Dividend has a countrywide buyer footprint centered on primary and super-key borrowers.
Fifth Third is targeted on three environmental sustainability approaches: lowering the Bank’s environmental footprint, handling local weather-similar hazards and supporting our buyers and communities in the changeover to a much more sustainable potential. In 2020, Fifth 3rd established its initially sustainable finance aim of $8 billion to be accomplished by 2025. This consists of lending and funding for solar, wind, geothermal, biomass and hydropower. As a outcome of this acquisition and Fifth Third’s current leadership position in providing renewable answers to commercial consumers, Fifth 3rd is actively evaluating a new sustainable financing target. Moreover, Fifth Third’s Environmental, Social and Governance (ESG) report outlines the Bank’s entire local weather strategy.
The acquisition is matter to customary closing disorders, like regulatory approvals. Fifth Third presently expects the transaction to near in the second quarter of 2022. Macquarie Funds served as money advisor and Dentons served as authorized counsel to Dividend Finance.
About Dividend Finance
Dividend is a top FinTech position-of-sale financial institution for house enhancement and solar funding methods. Established in 2013, the Organization associates with photo voltaic and household enhancement contractors throughout the U.S. to supply a assortment of financing merchandise by its proprietary issue-of-sale platforms. Discover a lot more by visiting www.dividendfinance.com.
About LL Funds
Founded in 2009, LL Funds is an impartial investment agency taking care of ~$2.9 billion for institutional and particular person investors. The company focuses on Fintech corporations, building each equity and debt investments. Since inception, LL has produced above $3.4 billion of financial commitment gains and distributed above $4 billion to investors.
About Fifth Third
Fifth 3rd Bancorp is a diversified money services business headquartered in Cincinnati, Ohio, and the oblique mum or dad enterprise of Fifth Third Bank, Nationwide Affiliation, a federally chartered establishment. As of December 31, 2021, the Organization experienced $211 billion in assets and operates 1,117 whole-provider Banking Centers, and 2,322 Fifth 3rd branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Ga, North Carolina and South Carolina. In total, Fifth 3rd presents its shoppers with accessibility to approximately 54,000 price-totally free ATMs across the United States. Fifth 3rd operates 4 key businesses: Industrial Banking, Department Banking, Purchaser Lending, and Wealth & Asset Administration. Fifth 3rd is amongst the most significant funds professionals in the Midwest and, as of December 31, 2021, had $554 billion in belongings less than care, of which it managed $65 billion for people, businesses and not-for-earnings corporations through its Rely on and Registered Investment decision Advisory companies. Trader information and press releases can be seen at www.53.com. Fifth Third’s widespread inventory is traded on the NASDAQ® Worldwide Find Sector under the image “FITB.”