The new platform, Cross River said, will enhance the bank’s suite of Banking-as-a-Service solutions.
“This acquisition marks a significant milestone for Cross River that comes on the heels of our recent capital raise. It allows us to further strengthen our position as a leading provider of fintech solutions as we continue building and enhancing a complete banking platform where companies can leverage best-in-class banking technologies with compliance excellence,” Gilles Gade, founder, chairman and CEO, Cross River, said. “The strength of Seed’s leadership is undeniable, and we are excited to extend Cross River’s growth trajectory with this acquisition as we bring on the Seed team and work together to expand our capabilities and offerings.”
Under terms of the deal, Cross River said it will take on members of the Seed team, including Seed co-founders Brian Merritt and Ryan Hildebrand, and open additional offices on the West Coast in San Francisco and Portland.
“We extend a huge thank you to Gilles and the Cross River Board for believing in us,” Brian Merritt, co-founder and CEO of Seed, said. “We are excited to be a part of this dynamic team as we help Cross River continue to build on its lead as the best bank and technology partner in the country.”
Financial terms of the deal were not disclosed.