ATLANTA--(BUSINESS WIRE)--Momnt, a financial technology company that powers real-time lending and payment solutions for businesses at the point of need, is excited to announce the launch of a partnership with Cross River Bank (“Cross River”), a leading financial services and technology infrastructure provider that offers embedded financial solutions. Merchants on the Momnt platform are now able to further expand their loan offering capabilities to reach more consumers.
Embedded finance is globally recognized as the future of financial services. Momnt’s industry-leading technology connects lenders with borrowers through their merchant network in the home improvement and healthcare industry. These merchants become the “face of financing” to the consumer, offering loans originated by partner financial institutions at the moment when the consumer is making a purchasing decision. The API-based platform presents custom, real-time loan offers to individual borrowers at the point of making a purchase. This approach helps drive demand for the merchant; extends creative, well-structured financing to the consumer; and generates new revenue sources for financial institutions.
Through this partnership with Cross River, an award-winning banking-as-a-service (BaaS) provider, Momnt can extend flexible and advantageous terms while providing a seamless and value-driven experience to consumers. The partners teamed up earlier this year and have been working to bring Cross River’s API technology to Momnt’s platform, creating a streamlined process for borrowers in all 50 states and supporting the platform’s growth.
"We're thrilled to partner with Cross River as we continue to expand the ways we serve our merchant and consumer customers,” said Chief Revenue Officer, Chris Bracken. “This partnership combines Momnt’s industry-leading moment-of-need lending capabilities with Cross River’s industry-leading financial services technology, and we could not be more excited about the opportunities the partnership will create.”
“We are proud to partner with game-changing innovators like Momnt, with their extensive industry knowledge, to provide expanded access to credit via convenient, flexible, point-of-sale loans,” said Greg Caminneci, Head of Client Services, Marketplace Lending at Cross River. “Our partnership will allow Momnt to responsibly serve customers nationwide and we look forward to growing our offerings together.”
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, and lending 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.
Momnt powers modern lending solutions that enable businesses to provide low-friction financing to their customers at the moment they need it — all funded by trusted lending partners. Its API-based platform leverages alternative data sources and ML/AI-informed decisioning to present real-time loan offers fit to each individual borrower, all done within the banking industry’s current regulatory infrastructure. momnt.com