To advance its strategy of using financial technology (fintech) to bring innovative new products and services to customers, Fifth Third Bancorp has formed a partnership with fintech venture capital firm QED Investors.
“There is an unprecedented amount of innovation emerging in all parts of the financial services ecosystem,” Tim Spence, executive vice president and chief strategy officer for Fifth Third Bancorp, said. “Our partnership with QED should enable us to identify new, high-potential technologies to complement our internal R&D and innovation efforts.”
The move strengthens Fifth Third’s NorthStar strategy of utilizing technology and innovation to serve its customers more effectively. Fifth Third Capital Holdings, a subsidiary of Fifth Third Bancorp, has invested in several fintech companies, including GreenSky, Transactis, and AvidXchange. Through its partnership with QED Investors it will continue to seek investments in the fintech market.
“We are incredibly excited about partnering with Fifth Third, a bank that is at the vanguard of change in the fintech space,” Frank Rotman, co-founder and partner at QED Investors, said. “Fifth Third is a natural partner for QED, one that embraces innovation and shares many of our views about what the future will look like in the space. We are thrilled for what this unique partnership means for the future of fintech and financial services at large.”