The parent of Fort Lee-based fintech firm Cross River Bank has acquired a data and risk analytics firm, it announced Wednesday.
CRB Group Inc. said it has acquired Synthetic P2P Holdings Corp., which does business as PeerIQ, building on Cross River’s suite of offerings to provide more transparency to the marketplace. PeerIQ helps institutions analyze, assess and manage risk in the lending sector, and will now be an affiliate of the bank, Cross River added.
“Cross River is constantly adapting to the evolving landscape of financial services, with an insatiable thirst to innovate,” founder, CEO and President Gilles Gade said in a prepared statement. “PeerIQ has established itself as a leader in capital markets innovation, and our newly expanded offerings will make us even more compelling.”
PeerIQ will allow Cross River to offer end-to-end Software-as-a-Service technology solutions and advanced portfolio analytics, as well as increased data aggregation and risk management tools, the bank said.
“With this acquisition, Cross River’s clients, partners and the industry will be able to access PeerIQ’s industry-leading analytics as part of their overall (Backend-as-a-Service) relationship, and we are excited for our future collaboration,” Ram Ahluwalia, PeerIQ’s founder, said in a statement.