FORT LEE, N.J.--(BUSINESS WIRE)--Cross River Bank (“Cross River”), a leading innovator and provider of banking services for financial technology companies, today announced several key initiatives taken to expand its Capital Markets portfolio and professional team, further fortifying its commitment and ability to provide best-in-class capital markets services and solutions to the fintech community and beyond.
“These changes speak not only to our dedication to providing best of breed products and services, but also to ensuring we are constantly innovating and working on new ways to add value to our business and partners,” said Gilles Gade, Founder, President, and CEO of Cross River. “Our talented additions to the Capital Markets team, coupled with our mission of delivering expertise, cutting-edge technology and customer service, reflect the strength of the department and its enormous potential to continue to drive change aligned with the needs of our clients and customers.”
Cross River today announced several key new hires to its Capital Markets team from online lending and business banking company, Laurel Road, which was successfully acquired by KeyBank in April 2019. The new team includes team leader Noah Cooper, who becomes Cross River’s SVP, Head of Capital Markets, as well as Rahul Jha, Joshua Karlgaard and Ryan Callahan. They will be focused on managing the Bank’s balance sheet and secondary market activities including securitization and loan pool sales.
“My colleagues and I have always appreciated Cross River’s position as a leading innovator as well as its long-standing reputation as a trusted banking partner,” said Noah Cooper, SVP, Head of Capital Markets. “We are deeply honored by the opportunity to join Cross River’s impressive Capital Markets team and look forward to drawing from our own experiences to continue expanding the Company’s ability to serve the complex, evolving needs of its partners.”
In addition, Cross River today announced that it has closed a warehouse facility with Idea Financial, a Miami-based lender that provides access to affordable and flexible capital to growing small businesses across the country. Under the terms of the agreement, Cross River will provide a warehouse facility up to $70 million, which will enable Idea Financial to deliver greater and more efficient access to credit for small business customers nationwide. The facility is originated by Cross River’s Strategic Financing Solutions Group, a specialized team focused on providing warehouse lending, forward flow and direct lending services to help empower the growth of early-stage fintechs.
“This financing will allow Idea Financial to scale and marks the beginning of a very important strategic relationship between Cross River and Idea Financial,” said Justin Leto, co-founder and CEO of Idea Financial. Larry Bassuk, co-founder and President of Idea Financial, added: “With this facility in place, Idea Financial will continue providing competitively priced financing solutions so our small and medium sized business clients can grow and thrive.”
About Cross River
Cross River Bank is a fast-growing financial services organization that merges the established expertise and traditional services of a bank, with the forward-thinking offerings of a technology company. They combine a compliant and comprehensive suite of products into a unique banking-as-a-platform solution, encompassing lending, payments and risk management. Cross River partners with leading marketplace lenders and fintech companies enabling them to focus on their own growth without hindering innovation. Founded in 2008, Cross River is a New Jersey state-chartered FDIC insured bank. For more information, please visit Cross River’s website at www.crossriver.com or the company’s Twitter @crossriverbank.
About Idea Financial
Idea Financial is a digital small-business lender that provides Main Street businesses with the financial resources they need to Charge their Businesses Forward. Idea Financial’s online platform allows a small business owner to apply for, and receive, up to $250,000 of financing in less than one day. For more information, visit: www.ideafinancial.com