Fort Lee-based Cross River Bank on Thursday said it partnered with Revolut to build and scale Revolut’s business in the U.S. leveraging Cross River’s technology and regulatory infrastructure.
The partnership will open up the first U.S.-based consumer personal loans for Revolut customers thanks to Cross River’s technology infrastructure, with additional credit offerings slated to launch in the coming months.
Revolut customers will easily be able to take out a loan without worrying about late fees, origination fees and prepayment penalties. Customers can check their rates through the credit tab in their Revolut app without impacting their credit score. They can then seamlessly request the loan amount and term they need to accomplish their goals directly in the app.
“At Cross River, we’re always looking for new and innovative ways to provide access to credit,” said Adam Goller, EVP, head of Fintech Banking at Cross River. “Our partnership with Revolut is instrumental in facilitating responsible financial solutions to consumers, and we’re excited to be powering Revolut’s U.S. expansion.”
“At Revolut, we’re building the world’s first global financial superapp so the move into credit and personal loans is a natural next step. Revolut has developed technology to provide loans instantly to approved customers, with no origination fees – so customers can get the credit they need, when they need it,” said Tarun Bhushan, Revolut U.S. Head of Lending. “We’re thrilled to partner with Cross River to offer U.S. consumers an even more diverse range of financial services with the launch of our intuitive and hassle-free personal loan product.”
Looking ahead, Revolut will further bolster its global financial superapp in the U.S. with additional credit offerings.
