Cross River Bank, a technology infrastructure provider offering embedded financial solutions, has partnered with financial app Revolut, a press release said.
The intent is to build and scale the Revolut business in the United States, leveraging Cross River’s tech and regulatory infrastructure.
This will open U.S.-based consumer loans for Revolut customers.
It will add more access to financial services for customers in the country and let Revolut add more business verticals like credit.
Customers will be able to check their rates on the credit tab in the Revolut app without impacting their score, and seamlessly request loans and the terms they need to pay it off within the app.
“At Cross River, we’re always looking for new and innovative ways to provide access to credit,” said Adam Goller, executive vice president and head of FinTech banking at Cross River. “Our partnership with Revolut is instrumental in facilitating responsible financial solutions to consumers, and we’re excited to be powering Revolut’s U.S. expansion.”
Meanwhile, Tarun Bhushan, Revolut U.S. head of lending, said Revolut’s moving into credit and personal loans was the next step to being a superapp.
Revolut’s services include almost instant same-day loan funding — once the loan is approved it can land in the user’s Revolut wallet in minutes. And customers will be able to set up automatic loan payments to make sure they don’t miss repayments.
Revolut plans to add more credit offerings to boost its global financial app in the near future, the press release said.
PYMNTS wrote that Revolut recently gained a new general manager of the Asia-Pacific in Charles Debonneuil, who was previously the chief marketing officer of Lazada, an eCommerce platform.
Debonneuil’s job will consist of building out the company’s growth strategy in the APAC region, which he also did with Lazada.
Revolut is looking at boosting its user base for mobile payments, the report says.