Cross River, a bank that delivers advanced financial and compliance products/services to the fintech industry, has partnered with Stripe to help those in the marketplace economy by giving them real-time access to earnings using push-to-card payments. The API-first, integrated platform aims to improve the way independent freelancers and other professionals are paid by “pushing earnings to workers in real time whenever needed and helping them better manage their day-to-day cash needs.”
“Cross River’s partnership with Stripe will fundamentally improve how freelancers receive their compensation,” predicted Cross River Founder, President and CEO Gilles Gade. “By combining our established, fully-compliant banking network with Stripe’s renowned payments platform, we are enabling financial inclusion for this essential workforce by offering them quicker access to their money and more optionality in how they would like to receive it.”
This partnership hopes to bring the latest disruptive technology to the emerging payment ecosystem, while ensuring regulatory compliance and consumer protection. Founded in 2008, Cross River’s approach aligns with Stripe’s mission to grow the GDP of the internet by adding tech muscle built on a regulatory foundation. Cross River and Stripe provide innovative ways for tech companies to move money and provide easier access to cash.
This past December, Cross River secured $100 million in a funding round led by KKR; the new funding will be used by Cross river to grow its team and continue to invest in compliance infrastructure. The New Jersey state-chartered FDIC insured bank also secured $28 million VC funding in 2016 from Battery Ventures, Andreessen Horowitz and Ribbit Capital.