Total amount raised
$908 Millions
Latest funding date
Location
Cross River Bank has developed an API-driven banking infrastructure that embeds financial services across various industries. Their platform supports a wide range of financial products, including bank rails, card issuing, digital lending, and accounts.
Keep reading to explore the intricacies of Cross River Bank's fundraising journey and the investors backing this innovative platform.
What Is Cross River Bank?
Unfortunately, the requested information about Cross River Bank's background, including their founding year, location, founders' names, and number of employees, was not found in the provided sources. The Crunchbase source was a security verification page and did not contain any relevant details. Similarly, the company website did not provide specific information on the founding year, location, founders' names, or number of employees.
However, Cross River Bank is known for providing API-driven financial solutions and banking infrastructure to embed financial services across various industries. They offer a range of financial products and services, including Bank Rails, Card Issuing, Digital Lending, Card Payments, Accounts, and Capital Solutions. Additionally, they provide tailored solutions for different types of clients such as Digital Lenders, Merchant Acquirers, Neobanks, and Institutional Credit Investors.
For more detailed information, you may need to visit their official website or other reliable business information platforms.
How Much Funding Has Cross River Bank Raised?
- Series A
- Amount Raised: $28M
- Date: November 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the bank's early growth and its role in providing financial services to fintech companies.
- Series B
- Amount Raised: $100M
- Date: December 2018
- Lead Investors: CE Innovation Capital, Kohlberg Kravis Roberts
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's financial services and support its growth in the fintech ecosystem.
- Series C
- Amount Raised: $27M
- Date: April 2020
- Lead Investors: Shefa Capital, VCI Global
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the company's technology infrastructure and expand its financial product offerings.
- Debt Financing
- Amount Raised: $106M
- Date: May 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's lending operations and financial stability during the COVID-19 pandemic.
- Series D
- Amount Raised: $620M
- Date: March 2022
- Lead Investors: Andreessen Horowitz, Eldridge Industries
- Valuation at Round: $3 billion
- Motivation Behind the Round: To accelerate the company's technology-focused growth strategy, including initiatives in embedded payments, cards, lending, crypto solutions, international expansion, and strategic partnerships.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: November 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Not publicly disclosed
Total Amount Raised: $881M
Current Valuation: $3 billion
Key Investors
- Andreessen Horowitz
- Details: A prominent venture capital firm based in Silicon Valley. Known for investing in technology companies across various stages.
- Investment Focus Areas: Technology, fintech, bio, crypto.
- Notable Investments: Facebook, Airbnb, Coinbase.
- Eldridge
- Details: A private equity firm co-founded by Todd Boehly. Invests in a variety of sectors including technology, media, and financial services.
- Investment Focus Areas: Technology, media, sports, financial services.
- Notable Investments: DraftKings, Security Benefit, Stonebriar Commercial Finance.
- T. Rowe Price
- Details: A global investment management firm. Offers funds, advisory services, and account management.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Amazon, Alphabet, Microsoft.
- Whale Rock
- Details: An investment management firm. Specializes in technology and consumer sectors.
- Investment Focus Areas: Technology, media, telecommunications.
- Notable Investments: Netflix, Amazon, Tesla.
- Hanaco Ventures
- Details: A venture capital firm based in New York and Tel Aviv. Focuses on early and growth-stage technology companies.
- Investment Focus Areas: Technology, fintech, consumer internet.
- Notable Investments: Via, Yotpo, Moovit.
What's Next for Cross River Bank?
Cross River Bank is poised for significant growth, driven by opportunities in embedded payments, cards, lending, and crypto solutions. With $620 million in recent funding, the bank is well-positioned to expand globally, increase its workforce, and form strategic partnerships. These initiatives are expected to reshape global finance and promote financial inclusion.
Future fundraising opportunities appear promising as the bank continues to innovate and expand. The substantial financial backing and ambitious growth plans suggest potential for additional funding rounds to support further expansion and technological advancements.
However, Cross River Bank may face challenges such as navigating regulatory compliance in new markets, maintaining innovation while scaling operations, and managing competition from other fintech and traditional financial institutions. Addressing these challenges will be crucial for sustaining their growth trajectory.
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