Cross River lands $620m investment to fuel expansion

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

The cash will be spent on Cross River’s tech-focused 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 of Cross River’s existing investors and partners also participated in the round.

The New Jersey-based firm, as well as controlling its bank, provides core infrastructure and embedded financial solutions.

The cash will go towards Cross River’s ongoing tech-focused growth strategy, which includes building out its payments, cards and crypto offerings, hiring new employees, expanding internationally and supporting strategic partnerships.

Cross River CEO and president Gilles Gade says: “Our latest funding will enable us to accelerate the growth of Cross River as the foundation of modern finance.”

Cross River’s tech infrastructure powers lending and payments for more than 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 firm picked up data and risk analytics firm PeerIQ for an undisclosed sum in a bid to advance its mission of providing services through API-based platforms.