Payments & Fintech Acquisitions in Maryland

Fifth Third Bancorp (Fifth Third Bank) has acquired DTS Connex, a provider of cash management software for multi-location businesses, to bolster its Commercial Payments capabilities in cash logistics, infrastructure and risk management. DTS Connex will operate as a wholly owned subsidiary effective August 1, continuing as a standalone business; financial terms were not disclosed.

Financial Information Technologies, LLC (Fintech) completed an asset acquisition of iControl Systems USA, LLC (iControl), adding iControl’s alcohol invoice payments and scan-based trading technology to Fintech’s PaymentSource platform. The deal, which closed in December 2023, expands Fintech’s retail product portfolio and broadens PaymentSource capabilities beyond alcohol to additional retail categories.

Rocket Companies agreed to acquire Truebill, a personal-finance app, for $1.275 billion in cash. The acquisition adds Truebill’s financial-wellness capabilities and ~2.5 million members to Rocket’s platform to deepen client engagement and is expected to add about $100 million in annual recurring revenue to Rocket.