Cross River Bank acquired Betterfin, a small business software provider, according to a Tuesday news release from the the Fort Lee-based banking and fintech firm. Following the closing, Betterfin will be wholly owned by Cross River’s parent company, CRB Group Inc.
Financial details of the transaction are not being disclosed.
The deal bolsters Cross River’s technology infrastructure and advances Lending-as-a-Service solutions for technology partners and small businesses across the country and manage their own lending and cash flow processes.
Founded in 2017 by Eric Griego and Dan Gabrieli, Betterfin is a financial platform that enables small business owners to access a wide range of financial products and solutions, capital markets data. Betterfin has developed tools that allow the company to quickly create end-to-end loan workflows for clients, including a flexible front-end framework and user experience, proprietary artificial intelligtence-based lending logic and a back-end loan management system.
“For over a decade, Cross River has redefined financial services for fintech partners, communities and individuals around the globe,” said Gilles Gade, founder, CEO and president of Cross River. “With the addition of Betterfin, its team of professionals led by Eric Griego, its technology stack and market intelligence, the combination of our core infrastructure and small business offerings will become another powerful tool of our growth engine.”
With Betterfin’s technology, Cross River will be transforming and reimagining the traditional SBA loan process experience by digitizing the entire flow and building out a more seamless, efficient and technology-focused platform. By integrating Betterfin’s talent and technology stack into its existing operations, Cross River is well-positioned to become one of the leading SBA 7(a) originators, further expanding its comprehensive suite of offerings.
“Cross River has always stood apart from the pack by leading in innovation,” Griego said. “We are excited to join a cutting-edge technology stack and together expand the ability to help business owners at scale.”