Cross River, a US provider of core infrastructure and embedded technology to fintech and crypto companies, has raised $620 million in a round co-led by Eldridge and Andreessen Horowitz.
Funds and accounts advised by T Rowe Price Investment Management, Whale Rock and Hanaco Ventures joined the round, which values Cross River at more than $3 billion.
Founded in 2008, Cross River provides dozens of firms - including Affirm, Coinbase and Stripe - with embedded payments, cards, lending and crypto offerings through its real-time, proprietary API-based core.
Recently, the firm has particularly focused on the crypto sector, teaming up with blockchain data platform Chainalysis to boost its risk management offering.
The new funding will be used to expand an 800-strong team, international expansion, and building strategic partnerships.
Gilles Gade, CEO, Cross River, says: “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.”