Cross River Bank has partnered with Revolut, a financial “superapp” with more than 18 million customers, to build the business in the U.S.
The partnership will open the first U.S.-based consumer personal loans for Revolut customers, the Fort Lee-based financial tech company Cross River announced April 14, with additional credit offerings planned for the coming months.
Through the new partnership, Revolut — which launched in the U.K. in 2015 to offer money transfer and exchange — customers will be able to take out a loan without worrying about late fees, origination fees and prepayment penalties. Customers can check their rates through the credit tab in their Revolut app without impacting their credit score. They can also request the loan amount and term they need in the app.
Once the loan is approved, it can appear in the user’s Revolut wallet account in minutes. Customers can also set up automatic loan payments with the AutoPay feature.
“At Cross River, we’re always looking for new and innovative ways to provide access to credit,” Adam Goller, executive vice president and head of fintech banking at Cross River, said in a statement. “Our partnership with Revolut is instrumental in facilitating responsible financial solutions to consumers, and we’re excited to be powering Revolut’s U.S. expansion.”
Revolut is notifying customers via email if they have been pre-selected for a personal loan. Although available only for Revolut’s U.S. customers, all U.S. consumers will be able to apply for a Revolut loan in the coming months, Cross River announced.
“At Revolut, we’re building the world’s first global financial superapp so the move into credit and personal loans is a natural next step. Revolut has developed technology to provide loans instantly to approved customers, with no origination fees — so customers can get the credit they need, when they need it,” Tarun Bhushan, Revolut U.S. head of lending, added. “We’re thrilled to partner with Cross River to offer U.S. consumers an even more diverse range of financial services with the launch of our intuitive and hassle-free personal loan product.”
