CRB Group, Inc., the parent company of Cross River Bank, a Fort Lee. NJ-based technology infrastructure provider that offers embedded financial solutions, raised $620m in financing.
The round was led by Eldridge and Andreessen Horowitz, with participation from funds and accounts advised by T. Rowe Price Investment Management, Inc., Whale Rock and Hanaco Ventures. Several of Cross River’s existing investors and partners also participated in the round.
This new capital will accelerate the company’s ongoing technology-focused growth strategy, which includes four core initiatives:
- building out the company’s embedded payments, cards, lending and crypto solutions;
- further investing in its people and communities;
- continuing to execute against plans for international expansion; and
- bolstering strategic partnerships that underscore Cross River’s commitment to reshaping global finance and promoting financial inclusion.
Led by Gilles Gade, Founder, President and CEO, Cross River currently powers lending and payments for over 80 leading technology partners including Affirm, Best Egg, Checkout.com, Coinbase, Divvy, Freedom Financial, Pay.com, Rocket Loans, Stripe, Trustly, Upgrade and Upstart. Its technology infrastructure is the foundation that enables these companies to deliver core fintech solutions at scale—from payments and cards to lending and crypto—for businesses and consumers across the globe. The company’s offerings are rooted in regulatory compliance and consumer protection, and its real-time, proprietary API-based core was built to drive agile and scalable financial services for the next generation.