Fifth Third Completes Acquisition of Provide, a Fintech Company Serving Healthcare Practices Nationally
03 Agosto 2021 - 02:00PM
Business Wire
Adds Innovative National Digital Capabilities
and Team, Accelerating Digital Transformation
Fifth Third Bancorp (NASDAQ: FITB) today announced it has closed
on the acquisition of Provide, a digital platform for healthcare
practices.
“Provide enables us to deliver a client experience that allows
healthcare providers to focus on what they do best—providing the
care their patients need while we make their banking experience
convenient and efficient,” said Kala Gibson, head of business
banking.
Building on Fifth Third’s strong legacy of digital innovation
and focus on the healthcare sector, this acquisition adds
world-class national digital capabilities addressing the most
complex lending and banking needs of retail healthcare providers.
In 2018, Fifth Third was an early investor in Provide, and the bank
began funding loans through the company’s platform in 2020. Provide
will maintain its brand identity and operate as an independent
business line as it continues to scale and expand product offerings
for healthcare practices and the doctors who own them
nationwide.
Founded in 2013 by Daniel Titcomb and James Bachmeier III,
Provide offers an integrated suite of financial products that makes
starting and running a healthcare practice easier, giving providers
more time to care for their patients. Provide’s first product was
practice lending, enabling providers to start, buy or expand
healthcare practices, and it has since grown to offer banking
accounts and payments services. Through its history, Provide has
originated more than $1 billion in loans, and in partnership with
Fifth Third, has provided core banking and payments services to
over 70% of the doctors for whom it provides financing.
The healthcare industry is one of the largest and fastest
growing segments of the U.S. economy. Over the last decade, Fifth
Third’s healthcare team has expanded its presence and expertise to
become one of the top healthcare banking platforms for
middle-market and corporate clients.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio, and the indirect parent company
of Fifth Third Bank, National Association, a federally chartered
institution. As of June 30, 2021, the Company had $205 billion in
assets and operates 1,096 full-service Banking Centers, and 2,369
Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan,
Illinois, Florida, Tennessee, West Virginia, Georgia, North
Carolina and South Carolina. In total, Fifth Third provides its
customers with access to approximately 53,000 fee-free ATMs across
the United States. Fifth Third operates four main businesses:
Commercial Banking, Branch Banking, Consumer Lending, and Wealth
& Asset Management. Fifth Third is among the largest money
managers in the Midwest and, as of June 30, 2021, had $483 billion
in assets under care, of which it managed $61 billion for
individuals, corporations and not-for-profit organizations through
its Trust and Registered Investment Advisory businesses. Investor
information and press releases can be viewed at www.53.com. Fifth
Third’s common stock is traded on the NASDAQ® Global Select Market
under the symbol “FITB.”
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version on businesswire.com: https://www.businesswire.com/news/home/20210803005201/en/
Ed Loyd (Media Relations) Ed.Loyd@53.com | 513-534-NEWS
Chris Doll (Investor Relations) Christopher.Doll@53.com |
513-534-2345
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