Cross River Bank acquires data analytics firm PeerIQ
CRB Group, the parent company of New Jersey-based Cross River Bank, has acquired data and risk analytics firm PeerIQ.
Cross River operates as both a vendor and a bank
CRB Group, as well as controlling its bank, provides core infrastructure and embedded financial solutions.
Current clients include lenders Affirm, Best Egg, Upstart and RocketLoans as well as firms like Coinbase and Wise.
The bank teamed up with UK-based Railsbank in January 2019 to launch a Banking-as-a-Service (BaaS) on both sides of the Atlantic through a single API.
The firm says its new acquisition will enable Cross River to benefit from a “comprehensive suite of offerings”.
“Cross River is constantly adapting to the evolving landscape of financial services with an insatiable thirst to innovate,” says Gilles Gade, founder, president and CEO of Cross River.
“PeerIQ has established itself as a leader in capital markets innovation and our newly expanded offerings will make us even more compelling.”
The bank says the deal, the value of which is undisclosed, will advance its mission of providing services through API-based platforms.
It adds it can now broaden its offerings to include end-to-end Software-as-a-Service (SaaS) and advanced portfolio analytics.
“With this acquisition, Cross River’s clients, partners and the industry will be able to access PeerIQ’s industry-leading analytics,” says PeerIQ founder Ram Ahluwalia.
