Cross River, a bank that delivers advanced financial and compliance products/services to the fintech industry, announced on Wednesday it has joined forces with financial health startup SeedFi. Cross River reported it will be powering SeedFi’s new Credit Builder and Borrow & Grow plans through its banking and tech platform. The company will also provide a $50 million debt financing through its Strategic Direct Lending Group.
“Cross River and SeedFi are providing transparent and affordable financial products that help individuals in underserved communities build credit, increase savings and access money when they need it, enabling them to chart a better future.”
Cross River further revealed that SeedFi’s Credit Builder and Borrow & Grow Plans are notably designed to enable greater access to credit while also building savings. While sharing details about the partnership, Rahul Jha, Head of Strategic Direct Lending at Cross River, stated:
“Our lending group aims to provide capital to innovative fintech companies who share Cross River’s ambition of maximizing financial inclusion, and SeedFi is an excellent example of exactly that kind of company. We’re proud to support SeedFi’s growth with this credit facility, and we’re excited to play a role in bringing responsible financial products to consumers in need.”
Jim McGinley, Co-Founder and CEO of SeedFi, added:
“Cross River fully supports and believes in SeedFi’s mission to help Americans break the cycle of debt and realize their financial potential. The partnership will allow us to more efficiently deliver an exceptional suite of financial products to our customers.”
Founded in 2008, Cross River describes itself as a fast-growing financial services organization that merges the established expertise and traditional services of a bank with the forward-thinking offerings of a technology company.