Cross River Bank, a financial technology company offering embedded financial solutions, 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, Whale Rock and Hanaco Ventures.
- The new funding will be used to boost Cross River’s growth strategy, with four key initiatives: 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, NFT Marketplaces and crypto wallets. Services include secure ACH money transfers, real-time transfers to MasterCard and Visa 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.