Cross River

bankingtechnew core banking solutions

FOUNDING YEAR: 2008
LOCATION: United States
Last Update: 01/05/2020

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About

Cross River Bank, Inc. provides personal and corporate banking products and services to individuals and businesses in the United States. It focuses on banking activities such as taking deposits, mortgage facilities, direct & marketplace lending, lending through different peer-to-peer lending portals, etc. The platform also enables experienced lenders and financial technology companies to provide credit services to pay vendors, individuals or schedule cash disbursements and processes payments. Recently, Cross River was selected for the 2019 Forbes Fintech 50 startups list.

Focus

PRODUCTS & SERVICES

The company’s personal and corporate banking products and services include checking, savings, and a variety of deposit accounts. Its direct lending loans, including Commercial real estate (CRE) loans for financing the acquisition, redevelopment, and refinancing of office, mixed-use, industrial, retail, commercial condominiums, and multi-family property types in the New York, New Jersey, and Connecticut metro areas loans.

EXISTING PARTNERSHIPS

Affirm

Best Egg

Coinable

Finix Payments

FreedomPlus

Rocket Loans

Stripe

Visa

etc.

Traction

VALUATION / MARKET CAP:

$1 B in 2018

VALUATION COMMENT:

After the latest funding round, the company's valuation is at $1 billion. (Dec. 2018)

REVENUE

$10M+ in 2018

REVENUE COMMENT:

The company generated an annual revenue of $130 million in 2018.

TRANSACTIONS COMMENT:

The company has originated $20 billion in loans and is growing at a 30% rate.

People

FOUNDERS

Gilles Gade (CEO)

Ana Barrancos

Gilles Gade

BOARD MEMBERS AND ADVISORS

Phillip Riese

Scott Tobin

David Cotney

Gilles Gade

Shimshon Gross

Stuart Hershkowitz

Drew Parker

Charles Scharf

Israel Sendrovic

Yitz (Emil) Stern

Mark Wagener

and Mark Wagener.

NUMBER OF EMPLOYEES

51-200

INVESTORS:

Andreessen Horowitz

Battery Ventures

CreditEase

Exigent Capital Group

Founders Guild

KKR

LionTree

Ribbit Capital

KEY EMPLOYEES:

Geoffrey Kott (CFO)

Kathy Nelson (COO)

Randi Schochet (CMO)

Salvatore Salzillo (CCO)

Michael Raff (CIO)

Elliot Rothschild (CAO)

Momentum

FUNDED

NO

DATE OF LAST FUNDING

Dec 2018

LISTED

NO

COMMENT

The company raised $28 million from a venture round in November 2016. In December 2018, the company raised $100 million in a PE round.

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