New Jersey-based fintech Cross River Bank announced today that it has closed a $620 million financing round.
Eldridge and Andreessen Horowitz (a16z) led the round, with participation from T. Rowe Price Investment Management, Whale Rock and Hanaco Ventures. Existing Cross River investors also participated.
“The quality of the investor group and size of our latest funding make this a landmark transaction in the financial technology arena, and will enable us to accelerate the growth of Cross River as the foundation of modern finance," Cross River founder and CEO Gilles Gade said in a statement.
New Jersey-based Cross River, founded in 2008, provides lending and payments infrastructure for more than 80 companies including Coinbase and Stripe. The firm’s products include a banking-as-a-service platform, on- and off-ramps between fiat and crypto as well as lending.
Cross River will use the funding to expand its crypto offerings in addition to embedded payments, cards and lending, the company said in a March 30 announcement. It will also continue focusing on international expansion, employees and strategic partnerships. The fintech company also recently announced a partnership with Chainalysis as it looks to attract new crypto clients.
“As Web3 continues to gain mindshare of consumers and businesses alike, we believe Cross River sits in a unique position to serve as the infrastructure and interconnective tissue between the traditional and regulated centralized financial system, as it transitions slowly to a decentralized one,” Lior Prosor, general partner and co-founder of Hanaco Ventures, said in a statement.
Fintech-focused investment bank FT Partners served as an "exclusive financial and strategic advisor" in the raise.