December 6, 2018
Leading FinTech Innovator Cross River Raises $100 Million Funding Round Led by KKR
KKR Makes $75 Million Investment and is Joined by CreditEase, LionTree Partners and Returning Investors Battery Ventures, Andreessen Horowitz and Ribbit Capital
FORT LEE, N.J. - Cross River Bank (“Cross River” or the “Company”), a fast-growing provider of banking services for financial technology companies, announced today that it has completed a funding round of approximately $100 million, led by a $75 million equity investment from KKR. KKR is joined in the round by new investors, CreditEase and LionTree Partners, and by returning investors Battery Ventures, Andreessen Horowitz and Ribbit Capital.
Cross River combines innovative technologies with the trust, security and established expertise of a bank to create new services and solutions for fintech companies that are redefining global financial services. In addition to traditional banking, Cross River has developed partnerships with financial technology leaders to build fully compliant and integrated products for the marketplace lending and payment processing arenas. Current clients consist of leading technology brands, start-ups and financial services firms disrupting global finance including marketplace lenders Affirm, Best Egg, Upstart and RocketLoans as well as financial technology companies like Coinbase and TransferWise.
“We are very pleased that our growth and progress has the endorsement of leading investors such as KKR,” said Gilles Gade, founder, CEO and Chairman of Cross River. “We also welcome new investors CreditEase and LionTree Partners and are especially grateful for the continued confidence of our previous investors Battery Ventures, Andreessen Horowitz and Ribbit Capital. This is a very strong signal that we continue to execute on our plan and are poised to take Cross River through its next phase of successful development here in the U.S. and across the globe.”
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