Fifth Third Bank has installed Silicon Valley Bank veteran Dan Allred atop its commercial bank’s fintech business.
Allred joined the Cincinnati-based bank from British lender HSBC, where he was a managing director within its fintech business for almost two years, according to his LinkedIn. Prior to a short stint leading fintech Liquidity Group’s North America business, he spent 20-plus years climbing the ranks at SVB, becoming a senior market manager on its national fintech team.
SVB, which had $4 billion in assets when he joined it in 2002, ballooned to $210 billion in assets by March 2023, when it failed due to what regulators shortly thereafter called “a textbook case of mismanagement.” Allred left the bank, which has operated as part of Raleigh, North Carolina-based First Citizens Bank, in May 2023, according to his LinkedIn.
“I’m very excited to share that I’ve joined Fifth Third Bank as Group Head for Fintech where I will continue to work with high-growth innovative Fintech companies, providing corporate treasury and lending solutions, embedded banking and payments support, and asset-backed financing,” Allred wrote in a LinkedIn post Friday.
Allred called out Fifth Third’s “payments prowess” under CEO Tim Spence’s leadership and Fifth Third’s $10.9 billion purchase of Comerica, which he wrote “makes the opportunity to holistically support innovative Fintech companies all the more compelling.”
Allred will work closely with Sushil Raja, general manager of embedded banking platform Newline, to help the bank meet “the needs of fintechs and serve their evolving needs through their stages of growth,” a spokesperson told Banking Dive.
Allred will report to David Whiting, who leads the tech and life sciences vertical within Fifth Third’s commercial bank.
