Fifth Third has acquired Dividend Finance, a POS lender for residential renewable energy and sustainability-focused home improvement.
Speaking on the deal, Fifth Third CEO Greg Carmichael said it was part of the bank’s commitment to its renewable energy portfolio and scale its digital services capabilities.
Founded in 2013, Dividend Finance’s POS technology enables contractors and homeowners to access financing for solar and home improvements.
Dividend Finance CEO Eric White said, “We are proud and excited to join the Fifth Third team. Their focus on tech-driven innovation and leadership on ESG matters is well known and will complement our culture.
“Dividend’s ability to leverage the extensive balance sheet, advantaged cost-of-funds and broader resources of Fifth Third will provide a tremendous edge to our customers and enable us to continue to accelerate growth.”
Fifth Third is focused on three environmental sustainability strategies: reducing the bank’s environmental footprint, manage climate-related risks and support customers transition to a sustainable future.
In 2020, the bank established a sustainable finance goal of $8bn to be reached by 2025. This includes lending and financing for solar, wind, geothermal, biomass and hydropower.
Copyright © 2022 FinTech Global