Fifth Third backs startup fintech lender

|About: Fifth Third Bancorp (FITB)|By:, SA News Editor

Fifth Third (NASDAQ:FITB), as part of a $16.5M funding round this month, is taking an equity stake in online lender ApplePie Capital, according to Dow Jones. It's also exploring potential purchases of loans made by ApplePie.

Based in San Francisco, ApplePie has made 120 loans for roughly $50M since beginning early in 2015. It's focus is on chain brands looking to fund people who want to open new franchise locations.

"The part of the market [ApplePie] is going into is really ripe for technology," says Vanessa Indriolo Vreeland, head of acquisitions and strategic investments at Fifth Third.

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