Cross River Bank, a New Jersey-based provider of banking services for financial technology companies, has completed a funding round of approximately $100 million, led by a $75 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.
Founded in 2008, Cross River has developed partnerships with financial technology leaders to build fully compliant and integrated products for the marketplace lending and payment processing arenas. Current clients include Affirm, Best Egg, Upstart and RocketLoans as well as financial technology companies like Coinbase and TransferWise.
Gilles Gade, founder, CEO and chairman of Cross River, says the new funds will be used to grow its technology and product development teams as well as its compliance infrastructure.
"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,” he adds.
The new funding round follows $28 million in venture capital secured in late 2016 from Battery Ventures, Andreessen Horowitz and Ribbit Capital.