Fri, 07/12/2018 - 10:48
Cross River, a provider of banking services for financial technology companies, has completed a funding round of approximately USD100 million, led by a USD75 million equity investment from KKR.
KKR is joined in the round by new investors, CreditEase and Lion Tree Partners, and by returning investors Battery Ventures, Andreessen Horowitz and Ribbit Capital.
In addition to traditional banking, Cross River has developed partnerships with financial technology companies 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,” says Gilles Gade, founder, CEO and Chairman of Cross River. “We also welcome new investors CreditEase and Lion Tree 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 US and across the globe.”
The new funding round follows USD28 million in venture capital secured in late 2016 from Battery Ventures, Andreessen Horowitz and Ribbit Capital.
This additional funding will enable Cross River to invest in the Company’s continued growth by expanding its technology and product development teams as well as its compliance infrastructure. The capital will allow Cross River to continue building and enhancing a complete banking platform where fintech companies can leverage best-in-class banking technology coupled with compliance excellence.
“We believe Cross River has a great future ahead and we are very pleased to support Gilles and the talented management team to continue their impressive growth,” says Dan Pietrzak, Member and Co-Head of Private Credit at KKR. “Cross River offers solutions to address a number of challenges faced by fintech companies by giving them access to a full suite of banking solutions and services in a single, fully compliant and innovative platform, making it an increasingly attractive and valuable franchise in a dynamic marketplace.”
KKR is making the investment primarily from its Private Credit Opportunities Partners II L.P fund.
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