Cross River Bank secures $620m capital raise

Cross River Bank, a technology infrastructure provider that offers embedded financial solutions, has secured $620m from a financing round.

The round was led by Eldridge and Andreessen Horowitz, with participation from funds and accounted that were advised by White Rock, Hanaco Ventures and T. Rowe Price Investment Management.

Cross River currently powers lending and payments for more than 80 technology partners including Checkout.com, Affirm, Coinbase, Best Egg, Divvy, Freedom Financial and Stripe. The company’s infrastructure is the foundation that enables many of the said companies to deliver their core FinTech solutions at scale.

According to Cross River, this new capital will be used to speed up Cross River’s ongoing technology-focused growth strategy. This strategy includes building out its embedded payments, cards, lending and crypto solutions, further investing in its people and communities, continuing to execute against plans for international expansion and bolstering strategic partnerships.

Back in 2020, Cross River collected $100m from a Series C funding round headed by V Capital and Shefa Capital.

Cross River CEO and president Gilles Gade said, “Cross River is powering the future digital economy and changing lives by reinventing the way financial services are accessed. The quality of the investor group and size of our latest funding make this a landmark transaction in the financial technology arena and will enable us to accelerate the growth of Cross River as the foundation of modern finance.”

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