Cross River Bank, a Fort Lee, N.J.-based innovative community bank, completed a $28m growth-equity investment.
The round was led by Battery Ventures, with participation from Andreessen Horowitz and Ribbit Capital. As part of the financing, Battery General Partner Scott Tobin will join the Cross River board of directors.
The company intends to use the funds to expand its technology and product-development teams; accelerate business-development efforts; continue to invest in its compliance infrastructure; and launch new business lines.
Led by Gilles Gade, founder, CEO and chairman, Cross River partners with marketplace-lender platforms in the U.S. to allow consumers and small businesses to obtain loans at better terms than through traditional channels. The bank currently works with more than 15 online lenders including Affirm, Borrowers First, Marlette Funding, Rocket Loans and Upstart, and originated over $2.4 billion of aggregate loans in 2015.
It also offers several global payment solutions, such as MasterCard Send™, that facilitate transfers to new payment providers. They currently integrate with and are used by numerous services including Google Wallet, Stripe and TransferWise, as well as financial-tech companies such as Coinbase, a provider of bitcoin and ethereum solutions.
Cross River is a New Jersey State Chartered FDIC-insured bank.