US-based banking services provider Cross River Bank raised $100m in funding yesterday from investors including online lending platform CreditEase.
Private equity firm KKR led the round with a $75m commitment, supplying most of the money through itsPrivate Credit Opportunities Partners II fund. Lion Tree Partners, Battery Ventures, Andreessen Horowitz and Ribbit Capital also took part.
Founded in 2008, Cross River Bank both provides traditional banking services, such as small business loans, directly while also partnering fintech firms and marketplace lenders to originate loans, process payments and build integrated products.
The company’s clients include international remittance platform TransferWise, cryptocurrency exchange Coinbase and online finance provider RocketLoans.
The funding will support continued growth as Cross River looks to hire additional technology and product development staff. It will also further improve its compliance infrastructure.
Cross River had previously raised $28m in funding from Battery Ventures, Andreessen Horowitz and Ribbit Capital in 2016.
