Cross River Bank and Current Launch Embedded Credit-Building Product
On August 23, 2023, Cross River Bank announced a partnership with consumer fintech Current to launch a credit-building product. The product is designed to help Current's users build and improve their credit scores, furthering Current's mission of financial inclusion. Cross River Bank provides the underlying regulated lending and credit infrastructure that powers the product within Current's consumer-facing app.
The partnership exemplifies the BaaS model, where a regulated bank enables a fintech to offer financial products without the fintech needing its own banking charter. Financial terms were not disclosed. Cross River Bank has established itself as one of the leading BaaS banks in the US, powering lending and payment products for numerous fintech partners.
The launch adds credit-building to Current's growing suite of embedded financial services offered to its consumer base.
- Reinforces Cross River Bank's leading position as a BaaS lending partner for consumer fintechs
- Signals growing demand for embedded credit-building tools as fintechs expand beyond basic banking