Fort Lee-based Cross River Bank is building its Banking-as-a-Service (BaaS) solutions, and expanding its footprint westward, with a new acquisition.
On Monday, the tech company banking services provider announced it has acquired Seed – an online, small business banking technology platform – and plans to open additional offices on the West Coast.
The deal will allow Cross River to expand existing technologies by incorporating the Seed platform and to build upon banking solutions for small businesses, the bank said.
A release of a new integrated product set to launch in the coming months, as is the opening of offices in San Francisco and Portland.
Current Seed team members will join Cross River as part of the deal, including co-founders Brian Merritt and Ryan Hildebrand, both of whom previously served as executives at the consumer banking startup Simple.
“This acquisition marks a significant milestone for Cross River that comes on the heels of our recent capital raise. It allows us to further strengthen our position as a leading provider of fintech solutions as we continue building and enhancing a complete banking platform where companies can leverage best-in-class banking technologies with compliance excellence,” said Gilles Gade, founder, chief executive officer and chairman of Cross River.
“The strength of Seed’s leadership is undeniable, and we are excited to extend Cross River’s growth trajectory with this acquisition as we bring on the Seed team and work together to expand our capabilities and offerings.”
Terms and conditions of the transaction were not disclosed.
