FinTech: Cross River Bank To Help Build Revolut USA’s Credit Business
U.S. Revolut customers will soon get personal loans.
Cross River Bank, a technology infrastructure provider that offers embedded financial solutions, will partner with Revolut to set up the first U.S.-based consumer personal loans for Revolut customers using Cross River’s technology infrastructure.
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.
Now Revolut, a global superapp with more than 18 million customers globally, will be able to offer loans to its US customers quickly, without late fees, origination fees, and prepayment penalties.
The partnership will extend to additional credit offerings in the near future.
“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, U.S. Head of Lending.
The digital bank offers instantaneous, same-day loan funding so once the loan is approved, it can land in the user’s Revolut wallet account in minutes. Customers can also set up automatic loan payments with the AutoPay feature to ensure they never miss a repayment.
Last month, Cross River raised 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 funding reportedly valued Cross River at over $3 billion.
Related Story: Cross River Bank Raises $620M Financing
Image Credit: Wikimedia Commons
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