FORT LEE, N.J.--(BUSINESS WIRE)--CRB Group, Inc., the parent company of Cross River Bank (“Cross River”), a technology infrastructure provider that offers embedded financial solutions, today announced a $620 million financing. The round was led by Eldridge and Andreessen Horowitz, with participation from funds and accounts advised by T. Rowe Price Investment Management, Inc., Whale Rock and Hanaco Ventures. Several of Cross River’s existing investors and significant partners also participated in the round. FT Partners served as exclusive strategic and financial advisor to Cross River on this transaction.
“Cross River is powering the future digital economy and changing lives by reinventing the way financial services are accessed,” said Gilles Gade, Founder, President and CEO of Cross River. “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.”
This new capital will accelerate Cross River’s ongoing technology-focused growth strategy, which includes four core initiatives: building out the Company’s leading 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 that underscore Cross River’s commitment to reshaping global finance and promoting financial inclusion.
“As a technology company with the established expertise of a bank, Cross River is providing essential infrastructure for the future of finance and enabling companies to empower customers with a full suite of fintech solutions,” said Todd Boehly, Co-founder and CEO of Eldridge. “We are excited to support Gilles and his team with their continued global expansion.”
"Cross River enables every company to become a fintech company, a vision we are bullish about at a16z and another reason why we've been committed to Cross River since the early days of the business," said David George, general partner of the Growth Fund at Andreessen Horowitz. "Their technology has unlocked opportunities across the entire fintech ecosystem providing trusted and efficient integrations to their partners. We're proud to continue to support this team on their mission to reinvent the way financial services are delivered in the U.S. and around the world."
Cross River currently powers lending and payments for over 80 leading technology partners including Affirm, Best Egg, Checkout.com, Coinbase, Divvy, Freedom Financial, Pay.com, Rocket Loans, Stripe, Trustly, Upgrade and Upstart. Cross River’s technology infrastructure is the foundation that enables these companies to deliver core fintech solutions at scale—from payments and cards to lending and crypto—for businesses and consumers across the globe. The Company’s offerings are rooted in regulatory compliance and consumer protection, and its real-time, proprietary API-based core was built to drive agile and scalable financial services for the next generation.
“As Web3 continues to gain mindshare of consumers and businesses alike, we believe Cross River sits in a unique position to serve as the infrastructure and interconnective tissue between the traditional and regulated centralized financial system, as it transitions slowly to a decentralized one,” said Lior Prosor, General Partner and Co-founder of Hanaco Ventures. “Whether it’s lending, transfers, payments and more, Cross River will offer its partners a regulatory compliant and approved framework to increase their crypto offerings and expand their reach — the same way Cross River was able to support the growth of now category leaders within personal lending and BNPL, among others.”
This latest fundraise follows significant momentum despite challenging market conditions. In 2016, Cross River raised its $28 million Series A led by Battery Ventures, Andreessen Horowitz and Ribbit Capital to strengthen its capital base and support new business lines. To date, the Company has raised more than $82 million in net capital to accelerate the development of compliance infrastructure and expand its global team to more than 800 employees.
About Cross River
Cross River provides technology infrastructure powering the future of financial services. Leveraging its proprietary real-time banking core, Cross River delivers innovative and scalable embedded payments, cards, lending and crypto solutions to millions of consumers and businesses. Cross River is backed by leading investors and serves the world’s most essential fintech and technology companies. Together with its partners, Cross River is reshaping global finance and financial inclusion. Member FDIC. Find out more at www.crossriver.com.
Eldridge invests in businesses across the Insurance, Asset Management, Technology, Mobility, Sports & Gaming, Media & Music, Real Estate, and Consumer landscapes. The firm seeks to build and grow businesses led by proven management teams that have demonstrated leadership and experience to scale an enterprise. Eldridge is headquartered in Greenwich, Connecticut, with additional offices in Beverly Hills, New York, and London. To learn more about Eldridge, please visit www.eldridge.com.
About Andreessen Horowitz
Andreessen Horowitz (a16z) is a venture capital firm that backs bold entrepreneurs building the future through technology. The firm is stage agnostic, investing in seed to growth-stage technology companies, across the consumer, enterprise, bio+health, crypto, and fintech spaces. a16z has over $28.2 billion in assets under management across multiple funds. See portfolio companies here: https://a16z.com/portfolio/
About Hanaco Ventures
Hanaco Ventures is a New York and Tel Aviv based venture capital fund that invests in the most promising emerging companies across the US and Israeli tech ecosystems. Hanaco primarily invests in inspirational founders building transformative businesses across fintech, enterprise software, and foodtech.