Press Release

Cross River Partners with Current to Further Its Mission of Financial Inclusion and Serving the Underbanked Population of 26 Million

Cross River

August 23, 2023

3 min read

Solution addresses critical credit history problem currently restricting access to credit and financial stability for millions

Credit building product will enable members of Current to build credit histories through a single spending balance

FORT LEE, N.J. - Cross River Bank (“Cross River”), a technology infrastructure provider that offers embedded financial solutions, and Current, a premier U.S. fintech platform dedicated to empowering Americans in their pursuit of a brighter financial future, today announced the launch of a new credit building product. Together, the two companies will provide access to building credit history for previously unserved and underserved communities, empowering individuals to improve their financial well-being through a new secured charge card.

The credit building card provides a simple way for Current’s over four million members to build their credit histories through a single spending balance, which is viewed and managed on Current’s platform. The secured charge card, issued by Cross River on the Visa network, connects to members’ available spending balance to build credit history, while minimizing risks associated with debt.

"We are excited to partner with Current to create a custom solution and bring this credit building product to market," said Anthony Peculic, Head of Cards and BaaS at Cross River. "We have been, and continue to be, committed to expanding access to financial services and empowering underserved communities. Together, we can make a meaningful impact by providing individuals with the tools they need to establish or rebuild their credit profiles."

With over 26 million Americans that are "credit invisible" and another 19 million "unscorable", a 2020 report by the Consumer Financial Protection Bureau (CFPB) found that “a credit builder loan could increase the likelihood of establishing a credit record for consumers without one, and could help improve the credit scores of those with no current outstanding debt.”

“There is nothing that matters more to your financial life than the quality of your credit,” said Stuart Sopp, Current CEO and co-founder. “We’re proud to partner with Cross River and be able to leverage our core technology to solve the complexity of multiple accounts and launch an innovative secured charge card not yet seen in the market. Together we can provide millions of hard-working Americans a simple way to build their credit histories and improve their financial futures.”

Partnering earlier this year, the credit building card leverages Cross River’s proprietary, API-based operating system and banking infrastructure, and the Company’s card and account expertise, alongside Current's core technology, to facilitate financial inclusion and economic empowerment for underserved communities.


About Current

Current is a premier U.S. fintech platform dedicated to empowering Americans in their pursuit of a brighter financial future. We strive to transform lives by offering innovative and motivational solutions tailored to our members' immediate needs, with the flexibility to evolve alongside them and unlock opportunities for enhanced financial growth. To learn more about us, visit or download our app on the App Store or Google Play. Current is backed by investments from Andreessen Horowitz, Tiger Global Management, TQ Ventures, Avenir, Sapphire Ventures, Foundation Capital, Wellington Management, QED Investors and EXPA.