Cross River Bank, a provider of banking services for financial technology firms, has completed a funding round of about $100m, led by a $75m equity investment from KKR.
Cross River integrates new technologies with the trust, security and established expertise of a bank to create new services and solutions for fintech companies.
New investors, CreditEase and LionTree Partners, also took part in the round,along with returning investors Battery Ventures, Andreessen Horowitz and Ribbit Capital.
The new funding round follows $28m in venture capital secured in late 2016 from Battery Ventures, Andreessen Horowitz and Ribbit Capital.
In addition to traditional banking, Cross River has developed partnerships with fintech companies to build fully compliant and integrated products for marketplace lending and payment processing arenas.
Cross River founder, CEO and chairman Gilles Gade said: “We are very pleased that our growth and progress has the endorsement of leading investors such as KKR. We also welcome new investors CreditEase and Lion Tree Partners and are especially grateful for the continued confidence of our previous investors Battery Ventures, Andreessen Horowitz and Ribbit Capital.
“This is a very strong signal that we continue to execute on our plan and are poised to take Cross River through its next phase of successful development here in the US and across the globe.”
The new round of funding helps Cross River to invest in its growth by expanding its technology and product development teams along with its compliance infrastructure.
The capital will also help the company to build a new banking platform which can be leveraged by fintech companies.
Some of the present clients include technology brands, start-ups and financial services firms such as Affirm, Best Egg, Upstart and RocketLoans as well as financial technology companies like Coinbase and TransferWise.
KKR private credit member and co-head Dan Pietrzak said: “We believe Cross River has a great future ahead and we are very pleased to support Gilles and the talented management team to continue their impressive growth.
“Cross River offers solutions to address a number of challenges faced by fintech companies by giving them access to a full suite of banking solutions and services in a single, fully compliant and innovative platform, making it an increasingly attractive and valuable franchise in a dynamic marketplace.”
In October, Viamericas partnered with Cross River to provide quick mobile access to money at ATMs, as part of Mastercard Cash Pick-Up cash disbursement service.