Fintechs looking to offer credit cards need a bank to sponsor them on the back end. Cross River announced Tuesday that it will do just that, enabling its fintech partners the ability to issue American Express cards.
Cross River founder and CEO Gilles Gade was thrilled to make the announcement.
“Collaborating with American Express enables Cross River to provide additional optionality for our partners and their consumers,” he said. “Our expanded payments and technology infrastructure increases efficiency and the scalability that our partners have come to expect.”
The addition of the American Express network provides fintechs with access to select American Express benefits, along with enhanced value and a seamless experience when issuing with Cross River.
About Cross River
Cross River provides technology infrastructure powering the future of financial services. Leveraging its proprietary real-time banking core, Cross River aims to deliver innovative and scalable embedded payments, cards, lending and crypto solutions to millions of consumers and businesses.
Cross River is backed by leading investors and serves the world’s most essential fintech and technology companies. Together with its partners, Cross River is attempting to reshape global finance and financial inclusion. It is a member of the FDIC.
“We’re thrilled to add the American Express network to our comprehensive suite of payment services,” stated Adam Goller, executive vice president and head of fintech banking. “This collaboration allows us to offer our partners and their customers access to a broader payment ecosystem and expanded optionality backed by Cross River’s compliant infrastructure.
“The brand strength of the American Express network within the fintech landscape is already strong and we look forward to building on that by pairing it with Cross River’s own brand.”
William Stredwick, general manager, Global Network Services North America, American Express, said Amex is thrilled by the deal, too.
“With Cross River, we can offer more ways for fintechs to launch payment solutions on the American Express network,” he said. “We selected Cross River for their full suite of products and services, and we look forward to working with them to help fintechs innovate on our network.”
Cross River feels its comprehensive, one-stop-shop platform provides access to international payment rails, core infrastructure and a robust compliance framework. Its application programming interface-driven technology and banking solutions are both customized and streamlined, giving partners the flexibility to manage costs, efficiency and latency as it relates to their operations. In turn, partners can better integrate advanced payment solutions into their own environments for more rapid innovation.