Cross River Bank

Cross River Bank Raises $50M Equity to Scale Embedded Finance Platform

Cross River Bank, via parent CRB Group, raised $50 million in common equity from existing investors including T. Rowe Price Investment Management. The funding will scale its API-driven core banking system (COS) powering embedded finance for over 100 fintech partners. CEO Gilles Gade framed the strategy as "embedded finance 2.0," bundling payments, cards, lending, and crypto on one AI-enhanced platform.

Cross River Bank Launches Embedded International Payments via Smart Routing

Cross River Bank launched its International Payments product on April 30, 2025, offering embedded cross-border transactions via API. The solution features smart routing across SWIFT and local payment rails with built-in AML compliance. It targets fintechs and SMBs seeking seamless global payment capabilities.

VoPay Partners with Cross River Bank to Expand Embedded Payments into US Market

Vancouver-based fintech VoPay announced a US expansion alliance with Cross River Bank, focusing on embedded payments via APIs. Cross River serves as the sponsor bank enabling VoPay's entry into the US market. The partnership strengthens Cross River's position as a leading BaaS sponsor bank for payments fintechs.

Cross River Bank and Current Launch Embedded Credit-Building Product

Cross River Bank partnered with fintech Current to launch a credit-building product aimed at helping consumers improve their credit scores. The product leverages Cross River's BaaS lending infrastructure embedded within Current's consumer financial platform. This expands Cross River's embedded lending footprint in the consumer fintech space.

Regulatory Scrutiny Intensifies on BaaS Banks Blue Ridge and Cross River

Regulatory consent orders against BaaS-active banks Blue Ridge Bank and Cross River Bank highlighted intensifying compliance scrutiny on bank-fintech partnerships. The actions signaled regulators' growing concern about risk management in the BaaS model. This marked a pivotal moment for the embedded finance industry's compliance practices.

FDIC Issues Consent Order to Cross River Bank Over Fintech Oversight Failures

The FDIC issued a consent order against Cross River Bank, a major fintech sponsor bank, citing inadequate oversight of fintech partners, fair lending compliance failures, and unsafe banking practices. The action heightened regulatory scrutiny on the bank-fintech partnership model. Cross River is one of a small number of banks serving as BaaS sponsors for fintechs.

Cross River Partners with SmartBiz for BaaS-Powered SBA Lending

Cross River Bank announced a BaaS sponsor bank partnership with SmartBiz on July 12, 2022. The deal integrates SmartBiz's AI-powered digital application for SBA 7(a) loan processing with Cross River's core banking infrastructure. The partnership aims to accelerate funding access for U.S. small businesses by combining SmartBiz's customer-facing technology with Cross River's embedded lending capabilities.

Cross River Bank Raises $620M at Over $3B Valuation

Cross River Bank, a leading BaaS provider, raised $620 million in a funding round valuing the company at over $3 billion. The round was led by Eldridge and Andreessen Horowitz with participation from T. Rowe Price, Whale Rock, and Hanaco Ventures. The capital will fuel expansion in payments, lending, and banking-as-a-service for its 80+ fintech partners including Affirm, Coinbase, and Stripe.

Astra Launches Card-to-Card Instant Payment API with Cross River Bank

Astra launched the first point-to-point debit transfer API, enabling fintechs to embed instant card-to-card payments into their applications. The product is powered by Cross River Bank's infrastructure and leverages Visa debit card rails. This removes the need for additional bank account setup for instant funding.

Cross River Bank Partners with Payment Approved for Payments

Cross River Bank partnered with Payment Approved to advance the movement of money. The partnership leverages Cross River's payments infrastructure to support Payment Approved's platform. This deal reinforces Cross River's role as a leading BaaS and payments sponsor bank.

Cross River Bank Launches Venture Capital Arm for Fintech Startups

Cross River Bank launched Cross River Digital Ventures, a venture capital arm investing in fintech startups focused on lending, payments, investing, and embedded finance. The initiative aligns portfolio companies with Cross River's core banking infrastructure ecosystem. This positions the bank to deepen its role as a key BaaS provider by strategically backing next-generation fintechs.

Congressional Oversight Committee Investigates Cross River Bank Over PPP Fraud

House Select Subcommittee on the Coronavirus Crisis Chairman Jim Clyburn sent a letter to Cross River Bank on May 27, 2021, investigating the fintech-bank's role in Paycheck Protection Program fraud. Cross River, a key BaaS partner bank for fintech lenders, faced scrutiny over its PPP lending practices. The inquiry highlighted risks in the fintech-bank partnership model for government lending programs.

Cross River Partners with F1 Payments and RS2 for BaaS Payment Processing

Cross River Bank announced a BaaS sponsor bank partnership with F1 Payments and RS2 to provide payment processing services for merchants in North America. The partnership leverages RS2's global processing platform and Cross River's BaaS sponsorship. This enables F1 Payments to expand into traditional merchant acquiring for both physical and virtual businesses.

Duke Analysis Highlights Regulatory Risks of Bank-Fintech Rent-a-Charter Models

A Duke University Financial Regulation Blog analysis examined the growing 'rent-a-charter' model where sponsor banks like WebBank, Celtic Bank, and Cross River Bank provide banking charters to fintech lenders. The analysis highlighted expanding regulatory and consumer protection risks in these BaaS partnerships.

Cross River Bank Profiled as Key BaaS Partner Bank for Fintechs

TechCrunch profiled Cross River Bank as a pivotal partner bank enabling fintech companies to offer banking services. The FDIC-chartered bank built a model fostering bank-fintech harmony, becoming a critical infrastructure provider amid a post-2008 drought in new bank charter approvals.

Cross River Bank Raises $100M in Round Led by KKR

Cross River Bank, a Banking-as-a-Service provider for fintechs, raised approximately $100 million in a funding round led by KKR. The round included $75 million in equity from KKR with participation from CreditEase, LionTree Partners, Battery Ventures, Andreessen Horowitz, and Ribbit Capital. The investment underscores growing investor interest in BaaS infrastructure banks that power fintech lending and payments.

CB Insights Fintech 250 Highlights Cross River Bank and Banking Infrastructure Leaders

CB Insights released its 2018 Fintech 250 list, spotlighting 250 promising fintech startups including banking-as-a-service provider Cross River Bank and API-based lender Upgrade. The cohort had raised $53B in aggregate funding since 2013, with 30 unicorns and 33 mega-rounds in 2018 YTD.

Ribbit Capital Targets $420M Fifth Fund for Fintech Infrastructure

Ribbit Capital, a prominent fintech investor, aimed to raise $420 million for its fifth fund, up from a prior $300 million fund. Ribbit backs key banking infrastructure players including Cross River Bank, which provides regulated banking services and loan origination for fintechs like Affirm and Upstart. The larger fund signals growing institutional interest in BaaS and banking infrastructure.

Cross River Bank Profiled as API-Driven Banking-as-a-Platform for Fintechs

Cross River Bank was highlighted by Wharton Finance as a key banking-as-a-platform infrastructure provider for fintechs. The state-chartered bank offers API-driven services enabling fintech partners to leverage scalable banking infrastructure. This model allows fintechs to focus on innovation without building proprietary banking systems.