Fifth Third snaps up green energy lendtech Dividend Finance
Fifth Third Bancorp, parent company of Fifth Third Bank, has acquired green energy point-of-sale (POS) lender Dividend Finance for an undisclosed sum.
Founded in San Francisco in 2013, Dividend Finance partners with solar and home improvement contractors to offer financing solutions for renewable energy focused home improvement projects.
The firm provides a range of loan products across multiple proprietary POS platforms and aims to help accelerate the growth of solar across the US and create “a more efficient and sustainable world by enabling more investment in renewable energy”.
The move forms part of Fifth Third’s sustainability push, including “reducing the bank’s environmental footprint, managing climate-related risks and supporting our customers and communities in the transition to a more sustainable future”.
Speaking on the acquisition, Greg Carmichael, Fifth Third chairman and CEO, says: “The addition of Dividend Finance to our renewable energy portfolio enhances the scale of Fifth Third’s growing digital service capabilities and supports the bank’s commitment to environmental leadership in financial services.”
Fifth Third, which currently boasts $211 billion in assets, says it expects to complete the acquisition in Q2 this year, subject to customary closing conditions and regulatory approvals.
The deal comes five months after it completed the acquisition of Provide, a digital financial platform for healthcare practices.