Cross River Bank on Wednesday said its parent company, CRB Group, raised $620 million in funding at a valuation of more than $3 billion, per Bloomberg. Private equity firm Eldridge and Andreessen Horowitz co-led the financing, which also included participation from funds and accounts advised by T. Rowe Price Investment Management, Whale Rock and Hanaco Ventures and several other firms.
Several of Cross River’s existing investors and significant partners also participated in the round. FT Partners served as exclusive strategic and financial adviser to Cross River on this transaction.
“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.”
The Fort Lee-based institution, which is also a technology infrastructure provider that powers lending and payments for many fintech firms, said the new capital will accelerate its 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.
“Cross River is powering the future digital economy and changing lives by reinventing the way financial services are accessed,” said Gilles Gade, founder, CEO and president 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.”
“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 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.