A main national position-of-sale loan company in the substantial advancement photo voltaic and sustainable residence methods industries
Northampton, MA –Information Immediate– Fifth Third Bancorp
CINCINNATI, January 19, 2022 /3BL Media/ – Fifth Third Bancorp these days declared a definitive settlement to acquire Dividend Finance, a leading fintech stage-of-sale (POS) loan company, delivering funding answers for household renewable strength and sustainability-centered dwelling advancement.
“The addition of Dividend Finance to our renewable energy portfolio improves the scale of Fifth Third’s escalating digital provider capabilities and supports the Bank’s motivation to environmental leadership in economical companies,” reported Greg Carmichael, Fifth 3rd chairman and CEO. “Together, we will assist our clients with progressive, engineering-pushed monetary methods.”
Dividend Finance was launched in 2013 in San Francisco and is just one of the leading nationwide solar loan companies. With a vision of producing a more economical and sustainable environment by enabling far more investment decision in renewable power, Dividend pioneered a funding design to enhance the consequence for all parties and assist speed up the expansion of solar across the U.S. Dividend’s POS technologies platforms empower contractors and owners to easily accessibility funding for solar and house enhancement initiatives. LL Money is the bulk shareholder in Dividend Finance.
“The Dividend group shares Fifth Third’s motivation to solutions that boost customers’ life and has a powerful keep track of report of innovation, growth and fantastic client working experience,” mentioned Tim Spence, president of Fifth 3rd Financial institution. “We’re thrilled to add Dividend’s greatest-in-course lending expertise, which fulfills customers’ evolving preferences and allows them speed up their transition to a far more sustainable foreseeable future.”
“We are happy and excited to join the Fifth 3rd team. Their concentration on tech-pushed innovation and leadership on ESG issues is nicely recognized and will complement our society. Dividend’s capability to leverage the extensive harmony sheet, advantaged value-of-money and broader sources of Fifth 3rd will provide a remarkable edge to our consumers and help us to continue to speed up development,” explained Eric White, Dividend Finance CEO.
“We are very pleased to have supported and partnered with Dividend Finance all through their progress and take into consideration them to be a leader between their peers,” explained Raj Mundy, lover at LL Money and Government Chairman of Dividend Finance. “We are delighted to see the enterprise turn out to be component of the Fifth 3rd relatives, and self-assured that its development and momentum will be further more enabled by this transition.”
Giving a broad range of bank loan solutions across multiple proprietary POS platforms, Dividend Finance has created a one particular-cease resolution that permits contractors to provide the best financing working experience for their prospects. Dividend’s digital lending platform is created for customizability, offering contractors with the tools to acquire new organization and borrowers with a streamlined method for funding household improvement jobs. In addition to a sturdy contractor community and a leading technology platform, Dividend has a nationwide buyer footprint targeted on prime and tremendous-key borrowers.
Fifth Third is focused on 3 environmental sustainability tactics: decreasing the Bank’s environmental footprint, controlling local climate-linked risks and supporting our buyers and communities in the changeover to a extra sustainable foreseeable future. In 2020, Fifth Third set its first sustainable finance intention of $8 billion to be realized by 2025. This includes lending and financing for photo voltaic, wind, geothermal, biomass and hydropower. As a final result of this acquisition and Fifth Third’s present leadership situation in providing renewable options to commercial purchasers, Fifth 3rd is actively assessing a new sustainable financing target. Moreover, Fifth Third’s Environmental, Social and Governance (ESG) report outlines the Bank’s entire weather strategy.
The acquisition is matter to customary closing conditions, like regulatory approvals. Fifth Third currently expects the transaction to shut in the next quarter of 2022. Macquarie Cash served as financial advisor and Dentons served as lawful counsel to Dividend Finance.
About Dividend Finance
Dividend is a leading FinTech level-of-sale lender for house enhancement and photo voltaic financing options. Started in 2013, the Corporation companions with photo voltaic and house enhancement contractors throughout the U.S. to offer you a range of financing solutions through its proprietary level-of-sale platforms. Discover more by viewing www.dividendfinance.com.
About LL Money
Established in 2009, LL Money is an unbiased financial investment firm taking care of ~$2.9 billion for institutional and individual investors. The agency focuses on Fintech organizations, making each equity and financial debt investments. Because inception, LL has produced about $3.4 billion of financial commitment gains and distributed over $4 billion to investors.
About Fifth Third
Fifth 3rd Bancorp is a diversified money solutions enterprise headquartered in Cincinnati, Ohio, and the oblique father or mother business of Fifth 3rd Bank, National Association, a federally chartered establishment. As of December 31, 2021, the Corporation experienced $211 billion in property and operates 1,117 complete-services 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 full, Fifth 3rd supplies its buyers with entry to somewhere around 54,000 price-no cost ATMs throughout the United States. Fifth 3rd operates four major businesses: Professional Banking, Branch Banking, Shopper Lending, and Wealth & Asset Management. Fifth 3rd is among the the premier revenue professionals in the Midwest and, as of December 31, 2021, had $554 billion in belongings underneath treatment, of which it managed $65 billion for persons, companies and not-for-gain organizations by way of its Have faith in and Registered Financial commitment Advisory businesses. Investor information and push releases can be considered at www.53.com. Fifth Third’s frequent stock is traded on the NASDAQ® Global Pick out Marketplace beneath the symbol “FITB.”
CONTACTS
Beth Oates (Media Relations)[email protected] | 313-230-9002
Chris Doll (Investor Relations)[email protected] | 513-534-2345
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Perspective source model on newsdirect.com: https://newsdirect.com/news/fifth-third-announces-acquisition-of-dividend-finance-938198564
