Fifth Third Bank has teamed up with venture capital (VC) firm QED Investors to support innovation in the fintech space.

QED will advise on the development of the bank’s strategy to bring new products and services to customers by utilising fintech innovation and promote growth of US fintech firms.

The latest alliance builds on similar alliances between the bank and other fintech firms such as GreenSky, Transactis and AvidXchange, and forms part of the bank’s NorthStar strategy to improve offerings by leveraging technology.

Fifth Third Bancorp executive vice president and chief strategy officer Tim Spence said: “Our partnership with QED should enable us to identify new, high-potential technologies to complement our internal R&D and innovation efforts.”

QED Investors co-founder and partner Frank Rotman said: “Fifth Third is a natural partner for QED, one that embraces innovation and shares many of our views about what the future will look like in the space. We are thrilled for what this unique partnership means for the future of fintech and financial services at large.”