Cross River Bank closes $100m round as it preps for IPO

Cross River Bank, which offers banking solutions to FinTech companies, has reportedly collected a $100m funding round, as it prepares for its initial public offering (IPO) next year.

V Capital and Shefa Capital supplied the capital for the Series C, according to a report from FinTech Ranking.

The FinTech company is looking to have its IPO next year.

As part of the investment deal, Cross River Bank has partnered with V Capital to support FinTechs operating in the Southeast Asia region.

The capital injection comes two years after it closed $100m in funding from private equity firm KKR and other backers including CreditEase, Lion Tree Partners, Battery Ventures, Andreessen Horowitz and Ribbit Capital.

With the capital injection, the FinTech is looking to expand its technology and product development teams. It also plans to improve its compliance infrastructure and enhancing its technology suite.

Cross River Bank delivers a suite of banking-as-a-service products which span lending, payments and risk management.

Earlier in the month, Cross River Bank formed a partnership with small business finance provider Reliant Funding to deliver Paycheck Protection Program (PPP) loans to small businesses.

Reliant Funding CEO Adam Stettner said, “Reliant Funding was born in the midst of the 2008 financial crisis and our team of dedicated and trained professionals is equipped to ensure our small businesses are supported – financially and emotionally – through these trying times.

“We’re committed to helping small businesses get back on their feet after this pandemic is over, and we know our partnership with Cross River will create a seamless application process that will do just that.”

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