CRB Group, the parent company of Cross River Bank, a technology infrastructure provider that offers embedded financial solutions, today announced a $620 million financing. The round was led by Eldridge and Andreessen Horowitz, with 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 significant partners also participated in the round.
This new capital will enhance technology, staffing, expansion, and partnership development.
“Cross River is powering the future digital economy and changing lives by reinventing how financial services are accessed,” said Gilles Gade, founder, president and CEO of Cross River. “The quality of the investor group and size of our latest funding make this a landmark transaction in the financial technology arena and enable us to accelerate the growth of Cross River as the foundation of modern finance.”
“As a technology company with the established bank expertise, Cross River provides the essential infrastructure for the future of finance and enables companies to empower customers with a full suite of fintech solutions,” said Todd Boehly, co-founder and CEO of Eldridge. “We are excited to support Gilles and his team’s continued global expansion.”
“Cross River enables every company to become a fintech company, a vision we are bullish about at a16z and why we’ve been committed to Cross River since the early days of the business,” said David George, general partner of the Growth Fund at Andreessen Horowitz. “Their technology has unlocked opportunities across the entire fintech ecosystem, providing trusted and efficient integrations to their partners. We’re proud to continue supporting this team on their mission to reinvent how financial services are delivered in the US and around the world.”
The company provides lending and payments infrastructure for more than 80 companies, including Affirm, Coinbase, Freedom Financial, Rocket Loans, Stripe, Trustly, Upgrade and Upstart.
“As Web3 continues to gain mindshare of consumers and businesses alike, we believe Cross River sits in a unique position to serve as the infrastructure and interconnective tissue between the traditional and regulated centralized financial system, as it transitions slowly to a decentralized one,” said Lior Prosor, general partner and co-founder of Hanaco Ventures.
“Whether it’s lending, transfers, payments and more, Cross River will offer its partners a regulatory compliant and approved framework to increase their crypto offerings and expand their reach — the same way Cross River was able to support the growth of now category leaders within personal lending and BNPL, among others.”
In 2016, the company raised its $28 million Series A led by Battery Ventures, Andreessen Horowitz and Ribbit Capital. The company has raised more than $82 million in net capital.
