Fifth Third Invests in Consumer-Analytics Firm
Fifth Third Bancorp in Cincinnati has invested Zipscene, a firm that specializes in consumer analytics for the restaurant industry.
The $142 billion-asset Fifth Third said in a press release Monday that it bought a minority stake in the Cincinnati company. Fifth Third did not disclose the size of the stake or how much it paid.
Fifth Third said the investment builds on a strategic portfolio designed to support the growth of the company's payments and commerce solutions group. That group was formed last year to invest in, and support, commerce solutions to help health care and retail businesses better serve customers.
Zipscene aids in restaurant marketing by finding patterns in guest behavior.
"Zipscene has a strong track record of connecting restaurants to their guests by leveraging technology to better understand factors that influence dining patterns," Randy Koporc, head of Fifth Third Payments and Commerce Solutions, said in the release. The investment "demonstrates progress against our commitment to developing a pipeline of intelligent commerce solutions."