Cross River Bank raises $100m in Series C funding
New Jersey-based Cross River Bank has raised $100 million in Series C funding from backers including V Capital and Shefa Capital.
V Capital plans to use Cross River tech for its own banking venture in Malaysia
Cross River Bank, which is aiming for an initial public offering (IPO) in 2021, operates as both a financial institution and a technology provider.
Current clients include lenders Affirm, Best Egg, Upstart and RocketLoans as well as firms like Coinbase and TransferWise.
As a result of the Series C the bank has become a partner and fintech provider for V Capital in the South East Asia region.
Although based in the US, the bank will provide some of its services and technology to the venture company, which is planning to nab a digital banking licence in Malaysia.
V Capital chairman Tan Sri Mohamad Fuzi Harun says the partnership will ensure that the two firms become “leading players” in the South East Asia region within the next five years.
Founded in 2008, Cross River Bank has raised $228 million to date from three rounds.
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.
