Cross River Bank, "Cross River Announces $620 Million Capital Raise" Mar. 30, 2022 — $620M round, Eldridge/a16z lead,...
Summary
A Cross River press release dated March 30, 2022 headed Cross River Announces $620 Million Capital Raise To Accelerate Next Stage of Growth. It states that CRB Group, Inc., the parent company of Cross River Bank, announced a $620 million financing led by Eldridge and Andreessen Horowitz, with participation from funds and accounts advised by T. Rowe Price Investment Management, Whale Rock and Hanaco Ventures, and that FT Partners was exclusive advisor. It quotes Gilles Gade, Founder, President and CEO, calling the round a landmark transaction in financial technology. It states that the capital will accelerate four core initiatives, including embedded payments, cards, lending and crypto solutions, international expansion and strategic partnerships.
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Cited in: Cross River Bank · Gilles Gade
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“Cross River Bank, ‘Cross River Announces $620 Million Capital Raise’ Mar. 30, 2022 — $620M round, Eldridge/a16z lead,...”
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Cross River Logo Press Release Cross River Announces $620 Million Capital Raise To Accelerate Next Stage of Growth Cross River March 30, 2022 2 min read March 30, 2022 Cross River Announces $620 Million Capital Raise Led by Eldridge and Andreessen Horowitz to Accelerate Next Stage of Growth Latest financing round includes participation from T. Rowe Price, Whale Rock and Hanaco Ventures Additional capital to fund technology-focused growth strategy, increased product offerings and continued expansion FORT LEE, N.J. - CRB Group, Inc., the parent company of Cross River Bank (“Cross River”), a technology infrastructure provider that offers embedded financial solutions, today announced a $620 million financing. The round was led by Eldridge and Andreessen Horowitz, with participation from funds and accounts advised by T. Rowe Price Investment Management, Inc., Whale Rock and Hanaco Ventures. Several of Cross River’s existing investors and significant partners also participated in the round. FT Partners served as exclusive strategic and financial advisor to Cross River on this transaction. “Cross River is powering the future digital economy and changing lives by reinventing the way financial services are accessed,” said Gilles Gade, Founder, President and CEO of Cross River. “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.” This new capital will accelerate Cross River’s ongoing technology-focused growth strategy, which includes four core initiatives: building out the Company’s leading embedded payments, cards, lending and crypto solutions; further investing in its people and communities; continuing to execute against plans for international expansion; and bolstering strategic partnerships that underscore Cross River’s commitment to reshaping global finance and promoting financial inclusion. | | | Button Text
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