local bank fifth third on Tuesday announced a deal to make fintech company Brex offer commercial cards and expense management tools for business customers.
The program will run on Brex’s built-in payments platform, which allows banks to issue corporate cards and automate expense reporting using artificial intelligence tools, the companies said in a release.
The move shows that some banks are choosing to partner with fintech companies rather than building their own platforms to meet customers’ evolving technology expectations. Fifth Third is in the process of acquiring Comerica, which is expected to make it the ninth largest bank in the United States with approximately $288 billion in assets.
“Our partnership with Brex is a commitment to redefining the way businesses leverage financial technology,” Fifth Third CEO Tim Spence said in a statement. “By combining the strengths of leading banks with Brex’s AI-driven innovation, we are creating intelligent solutions that simplify complexity, increase efficiency, and enable businesses to scale globally with confidence.”
Financial terms of the deal were not disclosed.
