A number one nationwide point-of-sale lender within the excessive progress photo voltaic and sustainable house options industries

CINCINNATI, January 19, 2022–(BUSINESS WIRE)–Fifth Third Bancorp right now introduced a definitive settlement to accumulate Dividend Finance, a number one fintech point-of-sale (POS) lender, offering financing options for residential renewable vitality and sustainability-focused house enchancment.

This press launch options multimedia. View the complete launch right here: https://www.businesswire.com/information/house/20220119005830/en/

“The addition of Dividend Finance to our renewable vitality portfolio enhances the dimensions of Fifth Third’s rising digital service capabilities and helps the Financial institution’s dedication to environmental management in monetary providers,” mentioned Greg Carmichael, Fifth Third chairman and CEO. “Collectively, we are going to assist our prospects with revolutionary, technology-driven monetary options.”

Dividend Finance was based in 2013 in San Francisco and is likely one of the prime nationwide photo voltaic lenders. With a imaginative and prescient of making a extra environment friendly and sustainable world by enabling extra funding in renewable vitality, Dividend pioneered a financing mannequin to enhance the end result for all events and assist speed up the expansion of photo voltaic throughout the U.S. Dividend’s POS expertise platforms allow contractors and owners to simply entry financing for photo voltaic and residential enchancment tasks. LL Funds is almost all shareholder in Dividend Finance.

“The Dividend staff shares Fifth Third’s dedication to options that enhance prospects’ lives and has a powerful monitor report of innovation, progress and wonderful buyer expertise,” mentioned Tim Spence, president of Fifth Third Financial institution. “We’re thrilled so as to add Dividend’s best-in-class lending expertise, which meets prospects’ evolving preferences and helps them speed up their transition to a extra sustainable future.”

“We’re proud and excited to affix the Fifth Third staff. Their give attention to tech-driven innovation and management on ESG issues is well-known and can complement our tradition. Dividend’s means to leverage the intensive steadiness sheet, advantaged cost-of-funds and broader assets of Fifth Third will present an incredible edge to our prospects and allow us to proceed to speed up progress,” mentioned Eric White, Dividend Finance CEO.

“We’re proud to have supported and partnered with Dividend Finance throughout their progress and contemplate them to be a frontrunner amongst their friends,” mentioned Raj Mundy, associate at LL Funds and Govt Chairman of Dividend Finance. “We’re delighted to see the corporate turn out to be a part of the Fifth Third household, and assured that its progress and momentum will likely be additional enabled by this transition.”

Providing a variety of mortgage merchandise throughout a number of proprietary POS platforms, Dividend Finance has constructed a one-stop answer that allows contractors to supply one of the best financing expertise for his or her prospects. Dividend’s digital lending platform is designed for customizability, offering contractors with the instruments to win new enterprise and debtors with a streamlined course of for financing house enchancment tasks. Along with a sturdy contractor community and a number one expertise platform, Dividend has a nationwide buyer footprint centered on prime and super-prime debtors.

Fifth Third is targeted on three environmental sustainability methods: decreasing the Financial institution’s environmental footprint, managing climate-related dangers and supporting our prospects and communities within the transition to a extra sustainable future. In 2020, Fifth Third set its first sustainable finance purpose of $8 billion to be achieved by 2025. This contains lending and financing for photo voltaic, wind, geothermal, biomass and hydropower. On account of this acquisition and Fifth Third’s present management place in offering renewable options to business shoppers, Fifth Third is actively assessing a brand new sustainable financing goal. Moreover, Fifth Third’s Environmental, Social and Governance (ESG) report outlines the Financial institution’s full local weather technique.

The acquisition is topic to customary closing situations, together with regulatory approvals. Fifth Third at present expects the transaction to shut within the second quarter of 2022. Macquarie Capital served as monetary advisor and Dentons served as authorized counsel to Dividend Finance.

About Dividend Finance

Dividend is a number one FinTech point-of-sale lender for house enchancment and photo voltaic financing options. Based in 2013, the Firm companions with photo voltaic and residential enchancment contractors throughout the U.S. to supply a spread of financing merchandise via its proprietary point-of-sale platforms. Study extra by visiting www.dividendfinance.com.

About LL Funds

Based in 2009, LL Funds is an unbiased funding agency managing ~$2.9 billion for institutional and particular person buyers. The agency focuses on Fintech corporations, making each fairness and debt investments. Since inception, LL has generated over $3.4 billion of funding positive factors and distributed over $4 billion to buyers.

About Fifth Third

Fifth Third Bancorp is a diversified monetary providers firm headquartered in Cincinnati, Ohio, and the oblique mum or dad firm of Fifth Third Financial institution, Nationwide Affiliation, a federally chartered establishment. As of December 31, 2021, the Firm had $211 billion in property and operates 1,117 full-service Banking Facilities, and a pair of,322 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In complete, Fifth Third supplies its prospects with entry to roughly 54,000 fee-free ATMs throughout the US. Fifth Third operates 4 foremost companies: Business Banking, Department Banking, Shopper Lending, and Wealth & Asset Administration. Fifth Third is among the many largest cash managers within the Midwest and, as of December 31, 2021, had $554 billion in property below care, of which it managed $65 billion for people, firms and not-for-profit organizations via its Belief and Registered Funding Advisory companies. Investor info and press releases may be seen at www.53.com. Fifth Third’s widespread inventory is traded on the NASDAQ® International Choose Market below the image “FITB.”

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Contacts

Beth Oates (Media Relations)
[email protected] | 313-230-9002
Chris Doll (Investor Relations)
[email protected] | 513-534-2345

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