Venture Capital: Cross River Bank Raises $620M Financing

March 30, 2022 | FinTech, News, Venture Capital
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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, Checkout.com, Coinbase, Divvy, Freedom Financial, Pay.com, 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

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