Cross River Bank’s parent company CRB Group Inc. acquired data and analytics company Synthetic P2P Holdings Corp., doing business as PeerIQ.
The acquisition was announced June 23 and completed as of the first quarter of 2021. The purchase will build on Cross River’s comprehensive suite of offerings, utilizing PeerIQ’s technology-enabled analytics and ultimately providing more transparency to the marketplace and the industry.
“Cross River is constantly adapting to the evolving landscape of financial services with an insatiable thirst to innovate,” said Cross River Founder and Chief Executive Officer Gilles Gade in a prepared statement. “PeerIQ has established itself as a leader in capital markets innovation and our newly expanded offerings will make us even more compelling.”
According to an announcement on the deal, PeerIQ’s analytics platform provides fintechs and banks like Cross River with access to more resilient capital through enhanced data, enabling greater financial inclusion.
Cross River can now offer Software-as-a-Service technology solutions and advanced portfolio analytics, as well as additional data aggregation and risk management tools, with the completion of the deal.
“We are thrilled to become part of the Cross River family,” said Ram Ahluwalia, founder of PeerIQ in a prepared statement. “With this acquisition, Cross River’s clients, partners and the industry will be able to access PeerIQ’s industry-leading analytics as part of their overall BaaS relationship, and we are excited for our future collaboration.”
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