• Fri. May 24th, 2024

Fifth 3rd Announces Acquisition of Dividend Finance

CINCINNATI–(Small business WIRE)–Fifth 3rd Bancorp nowadays declared a definitive agreement to purchase Dividend Finance, a foremost fintech level-of-sale (POS) lender, giving funding remedies for residential renewable vitality and sustainability-concentrated dwelling enhancement.

“The addition of Dividend Finance to our renewable energy portfolio boosts the scale of Fifth Third’s increasing digital company abilities and supports the Bank’s dedication to environmental management in economical solutions,” explained Greg Carmichael, Fifth 3rd chairman and CEO. “Together, we will help our customers with innovative, technologies-driven money solutions.”

Dividend Finance was started in 2013 in San Francisco and is a person of the leading nationwide solar lenders. With a eyesight of building a far more successful and sustainable globe by enabling far more expense in renewable electricity, Dividend pioneered a funding design to increase the final result for all get-togethers and help accelerate the development of photo voltaic throughout the U.S. Dividend’s POS technological know-how platforms empower contractors and householders to easily obtain financing for photo voltaic and household advancement tasks. LL Funds is the vast majority shareholder in Dividend Finance.

“The Dividend group shares Fifth Third’s motivation to answers that make improvements to customers’ life and has a powerful track history of innovation, expansion and outstanding purchaser experience,” claimed Tim Spence, president of Fifth Third Bank. “We’re thrilled to add Dividend’s very best-in-course lending working experience, which satisfies customers’ evolving choices and helps them accelerate their changeover to a a lot more sustainable long run.”

“We are very pleased and enthusiastic to be a part of the Fifth Third team. Their concentration on tech-driven innovation and leadership on ESG matters is well identified and will complement our lifestyle. Dividend’s ability to leverage the extensive harmony sheet, advantaged value-of-cash and broader means of Fifth Third will give a great edge to our prospects and allow us to continue to speed up expansion,” claimed Eric White, Dividend Finance CEO.

“We are very pleased to have supported and partnered with Dividend Finance throughout their development and think about them to be a chief between their friends,” explained Raj Mundy, associate at LL Funds and Government Chairman of Dividend Finance. “We are delighted to see the company come to be part of the Fifth 3rd loved ones, and assured that its advancement and momentum will be even further enabled by this changeover.”

Offering a wide assortment of loan products across multiple proprietary POS platforms, Dividend Finance has developed a just one-stop option that permits contractors to offer the best financing practical experience for their prospects. Dividend’s digital lending system is developed for customizability, offering contractors with the equipment to gain new company and debtors with a streamlined method for funding home enhancement assignments. In addition to a robust contractor community and a primary technology system, Dividend has a countrywide shopper footprint targeted on prime and super-primary debtors.

Fifth 3rd is targeted on 3 environmental sustainability tactics: decreasing the Bank’s environmental footprint, controlling local weather-related risks and supporting our clients and communities in the changeover to a a lot more sustainable upcoming. In 2020, Fifth Third set its very first sustainable finance target of $8 billion to be obtained by 2025. This involves lending and financing for solar, wind, geothermal, biomass and hydropower. As a result of this acquisition and Fifth Third’s present leadership situation in supplying renewable methods to professional customers, Fifth Third is actively evaluating a new sustainable funding focus on. Furthermore, Fifth Third’s Environmental, Social and Governance (ESG) report outlines the Bank’s complete local weather approach.

The acquisition is subject matter to customary closing problems, such as regulatory approvals. Fifth 3rd now expects the transaction to shut in the next quarter of 2022. Macquarie Money served as economic advisor and Dentons served as authorized counsel to Dividend Finance.

About Dividend Finance

Dividend is a top FinTech issue-of-sale loan provider for home enhancement and solar financing answers. Launched in 2013, the Organization associates with solar and dwelling improvement contractors throughout the U.S. to offer you a array of funding goods via its proprietary stage-of-sale platforms. Find out far more by checking out www.dividendfinance.com.

About LL Cash

Founded in 2009, LL Funds is an impartial financial commitment organization managing ~$2.9 billion for institutional and specific traders. The agency focuses on Fintech firms, making equally equity and debt investments. Since inception, LL has produced over $3.4 billion of investment gains and dispersed about $4 billion to investors.

About Fifth Third

Fifth 3rd Bancorp is a diversified fiscal companies corporation headquartered in Cincinnati, Ohio, and the indirect mother or father organization of Fifth 3rd Bank, Nationwide Affiliation, a federally chartered establishment. As of December 31, 2021, the Corporation experienced $211 billion in belongings and operates 1,117 whole-services Banking Facilities, and 2,322 Fifth 3rd branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In whole, Fifth Third gives its consumers with entry to roughly 54,000 charge-no cost ATMs throughout the United States. Fifth Third operates four key organizations: Professional Banking, Department Banking, Buyer Lending, and Wealth & Asset Administration. Fifth Third is among the premier cash professionals in the Midwest and, as of December 31, 2021, experienced $554 billion in belongings underneath care, of which it managed $65 billion for individuals, businesses and not-for-gain businesses as a result of its Trust and Registered Investment Advisory firms. Investor facts and press releases can be considered at www.53.com. Fifth Third’s popular stock is traded on the NASDAQ® World-wide Pick out Industry below the image “FITB.”