Fifth Third, Brex sign commercial cards agreement

Fifth Third Bancorp Partners with Brex for Commercial Card Program

Regional bank Fifth Third recently announced a new partnership with fintech firm Brex, where Brex will be providing commercial cards and expense management tools for business clients. This collaboration will see Fifth Third utilizing Brex’s embedded payments platform, which leverages artificial intelligence to issue corporate cards and automate expense reporting.

By joining forces with Brex, Fifth Third is showcasing a trend where banks are opting to collaborate with fintech companies rather than developing their own platforms to meet the evolving technology demands of their clients. Additionally, Fifth Third is also in the process of acquiring Comerica, a move that is set to elevate it to the ranks of the ninth-largest U.S. bank with assets totaling approximately $288 billion.

Fifth Third CEO Tim Spence expressed enthusiasm about the partnership, stating, “Our partnership with Brex signifies our dedication to reshaping how companies utilize financial technology. Through the fusion of a leading bank’s capabilities with Brex’s AI-driven innovation, we are crafting intelligent solutions that streamline processes, enhance efficiency, and empower businesses to expand globally with confidence.”

While the specifics of the agreement were not disclosed, the collaboration between Fifth Third and Brex is poised to bring about significant advancements in the realm of commercial banking and financial technology.