“Provide enables us to deliver a client experience that allows healthcare providers to focus on what they do best: providing the care their patients need while we make their banking experience convenient and efficient,” Kala Gibson, head of business banking at Fifth Third, said.
This acquisition adds digital capabilities addressing the lending and banking needs of retail healthcare providers to Fifth Third’s offerings. In 2018, Fifth Third became an investor in Provide, and the bank began funding loans through the company’s platform in 2020. Provide will maintain its brand identity and operate as an independent business line as it continues to scale and expand product offerings for healthcare practices.
Founded in 2013 by Daniel Titcomb and James Bachmeier III, Provide offers an integrated 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 financing.
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