Scoop: VC-backed Cross River Bank eyes its IPO
Summary
An Axios business scoop dated Feb 20, 2026 reporting that Cross River Bank, backed by KKR and Andreessen Horowitz, is eyeing an initial public offering and has picked lead banks, according to sources. The article states that it would be the first venture-backed bank to go public in years and that the bank was last valued at over $3 billion. It notes that the FDIC issued a consent order to the bank in 2023 amid a crackdown on bank-fintech partnerships. Citing FFIEC call reports, it puts Cross River's gross revenue at $516.6 million last year, up some 5.6%, with profit down about 35% to $24 million in 2025.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
Full text
Feb 20, 2026 - Business Scoop: VC-backed Cross River Bank eyes IPO Add Axios on Google Add Axios as your preferred source to see more of our stories on Google. Add Axios on Google Illustration: Tiffany Herring/Axios KKR and Andreessen Horowitz-backed Cross River Bank is eyeing an IPO, Axios has learned. Why it matters: It would be the first venture-backed bank to go public in years. Driving the news: Cross River Bank invited Wall Street banks to a bakeoff in the tail end of last year for a potential IPO, and has picked leads, sources tell Axios. Context: The company's Series A raise in 2016 was a shock to the system — fast-paced venture capital getting in regulation-bounded banking was an oxymoron. - Since then, Cross River has collected hundreds of millions more in funding, and was last valued at over $3 billion , with investors including Battery Ventures, Ribbit Capital, and Eldridge. - The pitch: Traditional banks were poor at serving tech companies. Cross River fill that gap, and would later also serve crypto companies. - In 2023, the FDIC issued a consent order to the bank, amid a crackdown on bank-fintech partnerships. By the numbers: According to bank call reports from the FFIEC, Cross River posted gross revenue of $516.6 million last year, up some 5.6% largely on rising payments fee income and a reduction in losses from the sale of loans. - The company's profit dipped in 2025 by about 35% to $24 million. Zoom out: This comes amid a surge of companies looking to acquire banking charters under the new administration. - But it's also raised the question as to who actually needs a charter — and for whom it's undue regulatory stress and cost. The bottom line: Many have been eyeing the IPO markets. But the market's shaky performance in recent weeks is leading to caution. Add Axios on Google What to read next
File and source
- File
- vc-backed-cross-river-bank-ipo_3e7a7bd76c494e36.html
- Size
- 181,038 bytes
- SHA-256
- 14cb698177d748358027762083fa1780d611b2ddf8c93d72185975ac80b190b4
- Original
- www.axios.com