CINCINNATI–(Company WIRE)–Fifth 3rd Bancorp these days introduced a definitive settlement to get Dividend Finance, a main fintech level-of-sale (POS) loan company, supplying funding solutions for residential renewable vitality and sustainability-centered property advancement.
“The addition of Dividend Finance to our renewable electrical power portfolio enhances the scale of Fifth Third’s expanding electronic company capabilities and supports the Bank’s motivation to environmental management in fiscal solutions,” claimed Greg Carmichael, Fifth Third chairman and CEO. “Together, we will enable our clients with ground breaking, technological innovation-driven money options.”
Dividend Finance was founded in 2013 in San Francisco and is a single of the top rated countrywide solar lenders. With a vision of generating a extra efficient and sustainable environment by enabling additional investment in renewable electricity, Dividend pioneered a funding design to enhance the end result for all events and aid accelerate the advancement of photo voltaic across the U.S. Dividend’s POS technological innovation platforms help contractors and property owners to very easily obtain financing for solar and household advancement jobs. LL Funds is the bulk shareholder in Dividend Finance.
“The Dividend group shares Fifth Third’s motivation to answers that strengthen customers’ lives and has a potent monitor document of innovation, advancement and outstanding purchaser expertise,” reported Tim Spence, president of Fifth Third Bank. “We’re thrilled to add Dividend’s most effective-in-course lending expertise, which fulfills customers’ evolving tastes and will help them accelerate their transition to a much more sustainable long term.”
“We are happy and fired up to be part of the Fifth Third staff. Their target on tech-pushed innovation and leadership on ESG issues is very well acknowledged and will complement our society. Dividend’s capacity to leverage the in depth harmony sheet, advantaged price-of-money and broader assets of Fifth Third will present a remarkable edge to our customers and allow us to continue on to speed up expansion,” claimed Eric White, Dividend Finance CEO.
“We are proud to have supported and partnered with Dividend Finance for the duration of their growth and contemplate them to be a leader among the their friends,” stated Raj Mundy, associate at LL Cash and Executive Chairman of Dividend Finance. “We are delighted to see the firm come to be section of the Fifth 3rd family members, and self-assured that its expansion and momentum will be further more enabled by this changeover.”
Giving a huge range of mortgage solutions across numerous proprietary POS platforms, Dividend Finance has created a a person-end resolution that permits contractors to provide the best financing expertise for their clients. Dividend’s electronic lending platform is created for customizability, offering contractors with the tools to gain new organization and debtors with a streamlined approach for funding home enhancement assignments. In addition to a strong contractor community and a main engineering platform, Dividend has a nationwide buyer footprint concentrated on primary and tremendous-prime borrowers.
Fifth Third is targeted on a few environmental sustainability approaches: decreasing the Bank’s environmental footprint, running weather-relevant dangers and supporting our buyers and communities in the changeover to a additional sustainable upcoming. In 2020, Fifth Third established its initially sustainable finance aim of $8 billion to be achieved by 2025. This consists of lending and financing for solar, wind, geothermal, biomass and hydropower. As a consequence of this acquisition and Fifth Third’s current leadership place in furnishing renewable remedies to industrial clientele, Fifth 3rd is actively evaluating a new sustainable financing concentrate on. Furthermore, Fifth Third’s Environmental, Social and Governance (ESG) report outlines the Bank’s complete local weather approach.
The acquisition is issue to customary closing problems, including regulatory approvals. Fifth Third presently expects the transaction to close in the second quarter of 2022. Macquarie Capital served as money advisor and Dentons served as authorized counsel to Dividend Finance.
About Dividend Finance
Dividend is a primary FinTech level-of-sale loan company for home advancement and photo voltaic funding methods. Started in 2013, the Corporation companions with solar and household advancement contractors throughout the U.S. to provide a range of funding items by way of its proprietary level-of-sale platforms. Master a lot more by viewing www.dividendfinance.com.
About LL Funds
Started in 2009, LL Funds is an unbiased financial investment agency managing ~$2.9 billion for institutional and unique buyers. The firm focuses on Fintech companies, making equally fairness and financial debt investments. Since inception, LL has created about $3.4 billion of expenditure gains and distributed about $4 billion to investors.
About Fifth 3rd
Fifth Third Bancorp is a diversified money products and services organization headquartered in Cincinnati, Ohio, and the indirect parent enterprise of Fifth Third Lender, National Association, a federally chartered institution. As of December 31, 2021, the Organization had $211 billion in property and operates 1,117 full-provider Banking Centers, and 2,322 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In full, Fifth 3rd presents its prospects with accessibility to somewhere around 54,000 payment-absolutely free ATMs throughout the United States. Fifth Third operates four key enterprises: Professional Banking, Branch Banking, Buyer Lending, and Prosperity & Asset Management. Fifth Third is amid the premier income supervisors in the Midwest and, as of December 31, 2021, had $554 billion in assets beneath care, of which it managed $65 billion for individuals, businesses and not-for-financial gain organizations as a result of its Believe in and Registered Expenditure Advisory corporations. Trader information and facts and push releases can be viewed at www.53.com. Fifth Third’s popular stock is traded on the NASDAQ® Worldwide Pick Current market underneath the symbol “FITB.”