Cross River Upsizes Revolving Credit Facility with Upgrade to $250 Million, Deepening Multi-Year Partnership with $7.3 Billion Consumer Fintech Leader

Expansion underscores the Bank's commitment to scaling alongside innovative partners in the consumer lending ecosystem

FORT LEE, N.J. - Cross River Bank (“Cross River”), a technology infrastructure provider that offers embedded financial solutions, today announced it has upsized its existing revolving credit facility with Upgrade, Inc. (“Upgrade”) from $150 million to $250 million. The facility, structured by Cross River’s Principal Finance Group (“PFG”), is secured by personal credit line (“PCL”) assets.

This facility upsize represents the latest milestone in a multi-year partnership between Cross River and Upgrade, enabling the continued scaling of Upgrade’s consumer lending platform.

“This expansion underscores our strategy of aligning capital solutions with our partners' growth," said Noah Cooper, Chief Investment Officer, Head of Capital Solutions Group at Cross River. “We're committed to delivering the flexible financing that Cross River's Banking-as-a-Service and Marketplace Lending partners need to scale.”

The companies’ partnership expands beyond credit facilities, with collaboration on innovative and highly successful products like Rewards Checking, Upgrade Card, and home improvement loans. Together, the two share a mission to deliver products that put consumers first and empower individuals to take control of their financial future.

“Upgrade continues to set the standard for innovation in consumer credit,” said Drew Friedberg, VP, Principal Finance Group at Cross River. “We’re proud to provide capital that enables Upgrade to scale their impact and serve more mainstream consumers.”

Upgrade is a fintech company that offers affordable and responsible credit and banking products to mainstream consumers. Since its founding, Upgrade has helped millions of customers achieve their financial goals through technology-driven financial products.

"We are thrilled to deepen our relationship with Cross River Bank through this upsized facility on the Upgrade Card program," said Kunal Shah, VP, Capital Markets Execution at Upgrade. "Their team has been a consistent partner in supporting the rapid growth of Upgrade. This upsizing is a testament to the strength of our platform, allowing us to continue delivering responsible and affordable credit to millions of mainstream consumers and delivering exceptional value to our customers."

This expansion reinforces Cross River’s role as a strategic capital partner that delivers long-term value to its clients across a range of balance sheet solutions. By deepening existing relationships and providing expanded credit capacity, Cross River maintains its commitment to supporting partners with responsible growth.

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About Upgrade

Upgrade is a financial technology company that offers affordable and responsible credit, mobile banking, and payment products to mainstream consumers. Since its inception in 2017, Upgrade has delivered over $45 billion in credit to over 7.5 million customers. Upgrade’s core products include: Personal Loans, Mobile Banking, Cards, BNPL, Home Improvement Financing and Auto Financing. Loans and credit lines are issued, and banking services are provided, by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender, Blue Ridge Bank, a nationally chartered commercial bank, Member FDIC, and Celtic Bank, a Utah State Chartered Industrial Bank, Member FDIC.

Upgrade is headquartered in San Francisco, California, with an operations center in Phoenix, Arizona, a technology center in Montreal, Canada, and regional offices in Atlanta, Georgia, and Irvine, California. Learn more at upgrade.com.