March 30, 2022
Cross River Announces $620 Million Capital Raise Led by Eldridge and Andreessen Horowitz to Accelerate Next Stage of Growth
Latest financing round includes participation from T. Rowe Price, Whale Rock and Hanaco Ventures
Additional capital to fund technology-focused growth strategy, increased product offerings and continued expansion
FORT LEE, N.J. - CRB Group, Inc., the parent company of Cross River Bank (“Cross River”), 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, Inc., Whale Rock and Hanaco Ventures. Several of Cross River’s existing investors and significant partners also participated in the round. FT Partners served as exclusive strategic and financial advisor to Cross River on this transaction.
“Cross River is powering the future digital economy and changing lives by reinventing the way 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 will enable us to accelerate the growth of Cross River as the foundation of modern finance.”
This new capital will accelerate Cross River’s ongoing technology-focused growth strategy, which includes four core initiatives: building out the Company’s leading 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.
Read more here