Fifth Third partners with VC firm for fintech guidance

Fifth Third Bank announced Friday that venture capital firm QED Investors will be advising the bank on its overall fintech strategy.

QED is already a co-investor in several of Cincinnati-based Fifth Third’s recent fintech company acquisitions such as GreenSky, Transactis and AvidXchange. The new partnership is a further part of its “strategy to leverage fintech innovation to bring new products and services to bank customers while promoting the growth of fintech companies in the U.S.,” according to a press release issued by Fifth Third.

“There is an unprecedented amount of innovation emerging in all parts of the financial services ecosystem,” said Tim Spence, executive vice president and chief strategy officer for Fifth Third in the release. “Our partnership with QED should enable us to identify new, high-potential technologies to complement our internal R&D and innovation efforts.”