New Jersey based bank-as-a-service platform has raised a $100m financing led by KKR.
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KKR leads $100 million investment round in Cross River Bank
Cross River is a New Jersey-chartered community bank that was founded in 2008 and is best known for partnering with fintech startups including online lender Affirm Inc, money transfer company TransferWise and cryptocurrency exchange Coinbase. By joining forces with Cross River, which is a Federal Deposit Insurance Corp-member, fintech companies are able to access some of the infrastructure available to banks without securing a federal banking license themselves. For example, Cross River can transfer money on the banking system’s payment rails for its partners and originate loans in any U.S. state. Companies like Affirm and TransferWise are part of a growing cohort of young businesses popular with venture capitalists that are seeking to take advantage of digital technology to offer cheaper and more user-friendly financial services.
