Venture Capital: Cross River Bank Raises $620M Financing

March 30, 2022 | FinTech, News, Venture Capital

Cross River Bank is a technology infrastructure provider that offers embedded financial solutions.

Cross River Bank announced today the raise of a $620 million financing led by Eldridge and Andreessen Horowitz, with participation from funds and accounts advised by T. Rowe Price Investment Management, Inc., Whale Rock and Hanaco Ventures.

The bank currently powers lending and payments for over 80 leading technology partners including Affirm, Best Egg,, Coinbase, Divvy, Freedom Financial,, Rocket Loans, Stripe, Trustly, Upgrade and Upstart. (Yahoo Finance)

The bank will use the funds for international expansion; building out the company’s leading embedded payments, cards, lending and crypto solutions; and investing in strategic partnerships.

“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, in a statement.

“Cross River enables every company to become a fintech company,” 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.”

According to TechCrunch, the latest funding valued the bank at over $3 billion. Furthermore, Gilles Gade, who is founder, president and CEO, revealed that the bank had been profitable on an after-tax basis since 2010, and that the growth in the top line and bottom line had been 50% year on year on average.

Related Story: Finance Automation Platform Ramp Raises $750M In Equity And Debt Funding

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
FinTech: Klarna’s Valuation Plunges To $6.5B In Talks To Raise $650M (WSJ)
July 1, 2022     FinTech, Latest News, News

Klarna, the Swedish fintech known for its buy-now-pay-later (BNPL) financial product, is negotiating to raise $650 million at a valuation of $6.5 billion, which is a very sharp comedown from…
Venture Capital: OppZo, Which Funds Small Businesses Having Government Contracts, Raises $260M
July 1, 2022     News, Venture Capital

Fintech OppZo brings together investors and small businesses that need working capital loans for their government-facing businesses. Typically located in economically stressed areas of the country, these businesses represent an…
Alternative Investments/Digital: Jacobi To Launch Europe’s First Bitcoin ETF This Month

The Jacobi Bitcoin ETF, from Jacobi Asset Management, will have a number of firsts to its credit when it starts trading this month. It will be the first exchange-traded equity…
Artificial Intelligence: John Deere’s Advances in AI Powered Agriculture Machinery
July 1, 2022     Artificial Intelligence, News

John Deere (NYSE: DE) has achieved leadership in automated machinery powered by Artificial Intelligence (AI). The self-driving tractor pictured above was revealed in CES 2022 and has six pairs of…