Cross River lands $620 million investment to fuel expansion

CRB Group, the parent company of Cross River Bank, raised $620 million in its latest funding round.

The money will be spent on Cross River’s technology-driven growth strategy

The round was led by Eldridge and Andreessen Horowitz and saw participation from funds and accounts advised by T. Rowe Price Investment Management, Whale Rock and Hanaco Ventures.

Several existing Cross River investors and partners also participated in the round.

The New Jersey-based company, in addition to controlling its bank, provides core infrastructure and integrated financial solutions.

The money will go towards Cross River’s continued technology-driven growth strategy, which includes expanding its payments, cards and crypto offerings, hiring new employees, expanding internationally and supporting partnerships. strategic.

Gilles Gade, CEO and President of Cross River, said, “Our latest funding will allow us to accelerate Cross River’s growth as the foundation of modern finance.

Cross River’s technology infrastructure powers lending and payments for over 80 technology partners, including Affirm, Best Egg, Checkout.com, Coinbase, Divvy, Freedom Financial, Pay.com, Rocket Loans, Stripe, Trustly, Upgrade and Upstart.

Last year, the company acquired data and risk analytics firm PeerIQ for an undisclosed amount to further its mission of delivering services through API-based platforms.