Investments

Cross River Bank Raises $100M

Cross River, a provider of banking services for financial technology companies, has raised about $100 million in a funding round, according to a report by the company.

A large portion of the money — $75 million — was from KKR, a global investment firm. Other companies involved in the fundraising round are CreditEase and LionTree Partners, Battery Ventures, Andreessen Horowitz and Ribbit Capital.

The current funding round follows a late 2016 round that raised $28 million.

Cross River provides services and solutions for leading FinTech companies. In addition to traditional banking services, the company has developed partnerships with FinTech leaders to build integrated products in the areas of marketplace lending and payment processing.

Cross River’s client base includes startups and financial services firms, including Affirm, Best Egg, Upstart and RocketLoans as well as financial technology companies like Coinbase and TransferWise.

“We are very pleased that our growth and progress has the endorsement of leading investors such as KKR,” said Gilles Gade, founder, CEO and chairman of Cross River. “We also welcome new investors CreditEase and LionTree Partners and are especially grateful for the continued confidence of our previous investors Battery Ventures, Andreessen Horowitz and Ribbit Capital. This is a very strong signal that we continue to execute on our plan and are poised to take Cross River through its next phase of successful development here in the U.S. and across the globe.”

Dan Pietrzak, member and co-head of private credit at KKR, said the firm supports Cross River’s goals. “We believe Cross River has a great future ahead and we are very pleased to support Gilles and the talented management team to continue their impressive growth,” he said. “Cross River offers solutions to address a number of challenges faced by fintech companies by giving them access to a full suite of banking solutions and services in a single, fully compliant and innovative platform, making it an increasingly attractive and valuable franchise in a dynamic marketplace.”

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