About Cross River Bank
Cross River Bank provides a range of banking services through its API-driven platform, the Cross River Operating System, which allows FinTech companies to easily integrate customizable and secure banking solutions. The company focuses on "Banking as a Platform" (BaaP), enabling other financial technology firms to create their own products, including payment solutions and money transfers. Cross River has supported small businesses significantly, especially during the COVID-19 pandemic by facilitating access to Paycheck Protection Program loans. The goal of Cross River is to enhance financial services for small enterprises while ensuring compliance with regulatory standards.
Fort Lee, New JerseyHeadquarters
2008Year Founded
$824.9MTotal Funding
LATE_VCCompany Stage
Fintech, Financial ServicesIndustries
1,001-5,000Employees
Benefits
Generous parental & leave policies
Completely subsidized health, dental, & vision insurance
Complimentary dry cleaning
On-site haircuts
Endless snacks
Company events
Risks
Increased competition from credit unions may challenge Cross River's instant payment market share.
Tightened lending standards and rising interest rates could reduce Cross River's loan revenue.
Past FDIC consent order may impact Cross River's reputation and regulatory standing.
Differentiation
Cross River combines traditional banking with innovative fintech solutions for unique offerings.
The company provides a customizable, API-driven platform for seamless fintech integration.
Cross River's commitment to compliance ensures secure and regulatory-compliant financial services.
Upsides
Growing demand for real-time payments offers expansion opportunities for Cross River.
Record-breaking new business applications in 2023 present a market for Cross River's services.
Support for FDIC's custodial rule could enhance Cross River's credibility in the fintech space.
Funding
Total raised$824.87 M
Latest valuation$3.00 B
StageLATE_VC
DEBT
7/31/2020$106
SERIES C
3/31/2020$100
$1.00 B