Cross River Bank says it has increased the credit facility for neobank Upgrade from $150 million to $250 million.
Cross River explains the move underscores the Bank’s commitment to “scaling alongside innovative partners in the consumer lending ecosystem.”
Noah Cooper, Chief Investment Officer and Head of Capital Solutions Group at Cross River, said the company is committed to delivering the financing that its “Banking-as-a-Service and Marketplace Lending partners need to scale.”
Upgrade offers consumer credit and banking products to its users. Since its launch in 2017, Upgrade reports it has delivered over $45 billion in credit to more than 7.5 million customers.
Upgrade offers Personal Loans, Mobile Banking, Cards, BNPL, Home Improvement Financing, and Auto Financing.
Cross River enables Fintech infrastructure, including its real-time banking core.