Fifth Third Bancorp entered a definitive agreement to acquire Provide, a digital platform for healthcare practices. The transaction adds digital capabilities addressing the lending and banking needs of retail healthcare providers.
“The healthcare industry is one of the largest and fastest growing segments of the U.S. economy. Over the last decade, Fifth Third’s healthcare team has expanded its presence and expertise to become one of the top healthcare banking platforms for middle-market and corporate clients,” Greg Carmichael, chairman and CEO for Fifth Third Bancorp, said. “Together, we can deliver a client experience that enables healthcare providers to focus on what they do best — providing the care their patients need while we make their banking experience convenient and efficient.”
In 2018, Fifth Third invested in Provide and the bank began funding loans through the company’s platform in 2020. Following this acquisition, Provide will maintain its brand identity and operate as an independent business line.
Founded in 2013 by Daniel Titcomb and James Bachmeier III, Provide offers a suite of financial products for healthcare practices. Provide’s first product was practice lending, enabling providers to start, buy or expand healthcare practices, and it has since grown to offer banking accounts and payments services. Through its history, Provide has originated more than $1 billion in loans and, in partnership with Fifth Third, has provided core banking and payments services to more than 70% of the doctors for whom it provides acquisition financing.
“The Provide team shares our commitment to client service and has a strong track record of innovation, growth and credit savvy,” Kala Gibson, head of business banking at Fifth Third, said. “We’re thrilled to take our partnership with Provide to the next level, combining its best-in-class lending experience with our full banking solution set.”
“Our partnership with Fifth Third has enabled us to accelerate our mission of financially empowering healthcare providers. We are excited to join the Fifth Third team and bring the best of technology and relationship banking to the doctors we serve,” Titcomb said.
“We know that Fifth Third is the right place for us to grow our franchise and broaden our product offering as we continue to attract the best talent and deliver market-leading customer experience to our clients,” Bachmeier said.
The acquisition is subject to customary closing conditions, including regulatory approvals. Financial terms of the transaction have not been disclosed.