Cross River Acquires Leading Small Business Software Provider Betterfin
November 2, 2021
Cross River Acquires Leading Small Business Software Provider Betterfin, Expanding its Full Suite of Offerings
Deal bolsters Cross River’s already robust technology infrastructure and advances lending-as-a-service solutions for technology partners and small businesses across the country
Integrating Betterfin’s technology from its financing management tool will enable Cross River, a leading originator of SBA 7(a) loans, to leverage its technology stack to further scale and accelerate end-to-end workflows for its SBA lending program
FORT LEE, N.J. - Cross River Bank (“Cross River”), a technology-driven financial services organization that provides core infrastructure and embedded financial solutions, today announced the acquisition of Betterfin, a transformative financial platform that enables small business owners to access a wide range of financial products and solutions, capital markets data, and manage their own lending and cash flow processes. Following the closing, Betterfin is wholly owned by Cross River’s parent company, CRB Group, Inc. Financial details of the transaction are not being disclosed.
“For over a decade, Cross River has redefined financial services for fintech partners, communities and individuals around the globe,” said Gilles Gade, Founder, President and CEO of Cross River. “With the addition of Betterfin, its team of professionals led by Eric Griego, its technology stack and market intelligence, the combination of our core infrastructure and small business offerings will become another powerful tool of our growth engine.”
Acquiring Betterfin furthers Cross River’s mission of providing access to financial services through its comprehensive, API-based platform with robust regulatory compliance. Cross River has a track record in proving innovative, scalable solutions for the SMB market as demonstrated through its leading participation in the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”), originating the second most loans across the country. With Betterfin’s technology, Cross River will be transforming and re-imagining the traditional SBA loan process experience by digitizing the entire flow and building out a more seamless, efficient, and technology-focused platform.
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