Fifth Third Backs Payload’s Embedded Payments Expansion
Payload has secured a strategic investment led by Fifth Third to expand its embedded payments platform, Payload said in a Wednesday (Aug. 19) press release. Payload was founded in late 2019, processed its first payment in January 2020 and processed nearly $500 million in May alone, according to the release. The company has become a leading processor of earnest money deposits […] The post Fifth…
Fifth Third Bank has invested in Payload, a company that develops an embedded payments platform, to support its expansion, according to a press release on August 19. Founded in late 2019, Payload began processing payments in January 2020 and processed nearly $500 million in May of the same year. The company has become a prominent processor of earnest money deposits in the residential real estate market in the United States and Canada, and has found applications in various industries including legal payments, professional services, property management, homebuilding, and franchises.
Fifth Third's Head of Commercial Payments and Treasury Management, Bridgit Chayt, believes Payload's platform offers customers what they need, while the company's Head of Commercial Payments and Treasury Management sees significant potential for growth as businesses seek more efficient and integrated methods of transferring money.
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