Eldridge, A16z Lead $620M Financing Round for Fintech Cross River Bank

Cross River Bank, a financial technology company offering embedded financial products, including fiat on- and off-ramps for crypto companies, has closed a $620 million funding round at an undisclosed valuation.

• The capital raise was led by Eldridge and Andreessen Horowitz (a16z), with participation from funds advised by T. Rowe Price (TROW), Whale Rock and Hanaco Ventures.
• The new funding will be used to boost Cross River’s growth strategy, including expanding the company’s lead in embedded payments, lending and crypto solutions; investing in its people and communities; international expansion; and strategic partnerships.
• Among Cross River’s offerings, according to the company website, are fiat on- and off-ramps for crypto exchanges, non-fungible token (NFT) marketplaces and crypto wallets. Services include secure ACH money transfers, real-time transfers to Mastercard (MA) and Visa (V), and wire transfers.
• Coinbase (COIN) is among Cross River’s more than 80 customers, as are Stripe, Affirm (AFRM) and Rock Loans.
• “Whether it’s lending, transfers, payments and more, Cross River will offer its partners a regulatory compliant and approved framework to increase their crypto offerings and expand their reach – the same way Cross River was able to support the growth of now category leaders within personal lending and BNPL, among others.” said Lior Prosor, general partner and co-founder of Hanaco Ventures, in a statement.

Read more: Kraken Hits Key Milestone in Quest to Gain Fed Account, Equal Treatment With Traditional Banks