CINCINNATI–(Organization WIRE)–Fifth 3rd Bancorp right now declared a definitive arrangement to get Dividend Finance, a main fintech level-of-sale (POS) lender, providing funding options for household renewable strength and sustainability-concentrated home enhancement.
“The addition of Dividend Finance to our renewable electricity portfolio boosts the scale of Fifth Third’s escalating digital service abilities and supports the Bank’s commitment to environmental management in fiscal solutions,” said Greg Carmichael, Fifth 3rd chairman and CEO. “Together, we will assistance our consumers with innovative, engineering-pushed money solutions.”
Dividend Finance was launched in 2013 in San Francisco and is a person of the leading national solar loan companies. With a vision of making a additional efficient and sustainable entire world by enabling more expense in renewable electrical power, Dividend pioneered a financing model to improve the end result for all events and enable accelerate the growth of photo voltaic throughout the U.S. Dividend’s POS technology platforms permit contractors and home owners to effortlessly entry funding for photo voltaic and property improvement initiatives. LL Resources is the the greater part shareholder in Dividend Finance.
“The Dividend crew shares Fifth Third’s commitment to methods that strengthen customers’ life and has a solid monitor file of innovation, growth and outstanding shopper knowledge,” reported Tim Spence, president of Fifth 3rd Financial institution. “We’re thrilled to incorporate Dividend’s ideal-in-course lending working experience, which meets customers’ evolving tastes and can help them accelerate their changeover to a much more sustainable long run.”
“We are very pleased and excited to sign up for the Fifth Third team. Their concentrate on tech-driven innovation and management on ESG issues is effectively regarded and will enhance our tradition. Dividend’s means to leverage the substantial harmony sheet, advantaged value-of-cash and broader resources of Fifth Third will offer a tremendous edge to our prospects and enable us to keep on to accelerate development,” explained Eric White, Dividend Finance CEO.
“We are happy to have supported and partnered with Dividend Finance for the duration of their progress and consider them to be a leader amid their friends,” stated Raj Mundy, associate at LL Resources and Executive Chairman of Dividend Finance. “We are delighted to see the organization come to be part of the Fifth 3rd relatives, and self-assured that its progress and momentum will be additional enabled by this changeover.”
Supplying a large vary of loan goods across several proprietary POS platforms, Dividend Finance has designed a just one-stop answer that permits contractors to supply the most effective financing practical experience for their buyers. Dividend’s digital lending system is developed for customizability, supplying contractors with the resources to acquire new organization and borrowers with a streamlined process for financing home enhancement initiatives. In addition to a sturdy contractor network and a main technologies system, Dividend has a nationwide purchaser footprint concentrated on prime and tremendous-key debtors.
Fifth Third is targeted on three environmental sustainability tactics: lowering the Bank’s environmental footprint, controlling weather-associated pitfalls and supporting our consumers and communities in the changeover to a a lot more sustainable future. In 2020, Fifth 3rd set its initial sustainable finance objective of $8 billion to be realized by 2025. This consists of lending and funding for solar, wind, geothermal, biomass and hydropower. As a outcome of this acquisition and Fifth Third’s present management posture in offering renewable answers to professional shoppers, Fifth Third is actively examining a new sustainable financing concentrate on. In addition, Fifth Third’s Environmental, Social and Governance (ESG) report outlines the Bank’s full local climate tactic.
The acquisition is subject matter to customary closing disorders, like regulatory approvals. Fifth Third currently expects the transaction to close in the 2nd quarter of 2022. Macquarie Funds served as economic advisor and Dentons served as legal counsel to Dividend Finance.
About Dividend Finance
Dividend is a foremost FinTech place-of-sale loan provider for house enhancement and photo voltaic funding solutions. Established in 2013, the Organization partners with photo voltaic and home enhancement contractors across the U.S. to offer a assortment of funding products through its proprietary place-of-sale platforms. Master additional by viewing www.dividendfinance.com.
About LL Resources
Started in 2009, LL Cash is an impartial expenditure company controlling ~$2.9 billion for institutional and particular person investors. The agency focuses on Fintech providers, making each fairness and personal debt investments. Considering that inception, LL has generated above $3.4 billion of investment decision gains and dispersed in excess of $4 billion to investors.
About Fifth 3rd
Fifth 3rd Bancorp is a diversified fiscal services enterprise headquartered in Cincinnati, Ohio, and the indirect mum or dad organization of Fifth Third Bank, Nationwide Association, a federally chartered establishment. As of December 31, 2021, the Business experienced $211 billion in assets and operates 1,117 total-services Banking Centers, and 2,322 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Ga, North Carolina and South Carolina. In total, Fifth 3rd gives its consumers with entry to roughly 54,000 rate-cost-free ATMs throughout the United States. Fifth Third operates 4 most important enterprises: Professional Banking, Branch Banking, Purchaser Lending, and Wealth & Asset Administration. Fifth Third is among the biggest money administrators in the Midwest and, as of December 31, 2021, experienced $554 billion in assets beneath care, of which it managed $65 billion for folks, companies and not-for-revenue organizations through its Belief and Registered Financial investment Advisory organizations. Trader data and press releases can be considered at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® World-wide Decide on Current market less than the image “FITB.”