The next generation of fintech companies could be funded by Fort Lee-based Cross River Bank as the financial institution launches its venture capital arm Cross River Digital Ventures, announced June 15.
“Cross River already powers some of the largest companies in fintech and this new endeavor will help us identify and make additional strategic investments,” said Cross River Chief Executive Officer and Chairman Gilles Gade in a prepared statement. “Similar to Cross River, we are looking for special companies that are trying to change the world through innovation.”
Cross River’s investments will help startups scale more rapidly and develop new, innovative solutions that address the needs of the marketplace, the announcement said.
Cross River Digital Ventures has already invested in some companies, including Innovative Assessments, a fintech startup that uses psychometrics to personalize financial services and promote financial inclusion; Lev, a technology-focused commercial real estate financing advisory firm; and Finix Payments, a payments infrastructure provider enabling software that develops a payment processing platform for businesses.
“Working with Cross River has been awesome. They understand fintech like few other companies, and their reputation and access to resources is tremendous,” said Lev Founder Yaakov Zar in a prepared statement. “We’re proud to be working with the leading fintech bank to rebuild commercial real estate finance.”