Regional bank Fifth third announced a deal Tuesday making financial technology company Brex the provider of its commercial cards and expense management tools for business customers.
The program will run on Brex’s integrated payments platform, which allows banks to issue corporate cards and automate expense reporting using artificial intelligence tools, the companies said in a statement.
The move highlights how some banks are choosing to partner with fintech companies rather than building their own platforms to keep up with the evolving technology expectations of their customers. Fifth Third is acquiring Comerica, a deal expected to make it the ninth-largest U.S. bank with about $288 billion in assets.
“Our partnership with Brex is a commitment to redefine how businesses leverage financial technology,” Tim Spence, CEO of Fifth Third, said in a statement. “By combining the strength of a leading bank with the AI-driven innovation of Brex, we create intelligent solutions that simplify complexity, improve efficiency and enable businesses to scale globally with confidence.
Financial terms of the deal were not disclosed.