Cross River raises 100M in latest funding round

Aided by a $75 million equity investment from global investment firm KKR, Cross River Bank has completed a funding round of about $100 million.Aided by a $75 million equity investment from global investment firm KKR, Cross River Bank has completed a funding round of about $100 million.

Cross River said that the funding will aid investment in its product development and technology teams, and compliance infrastructure.

The Fort Lee-based bank announced the funding Thursday. Other investors include CreditEase, Lion Tree Partners, Battery Ventures, Andreessen Horowitz and Ribbit Capital.

In addition to traditional banking services, Cross River provides services for financial technology companies, boasting such clients as Affirm, Best Egg, Upstart and RocketLoans.

“This is a very strong signal that we continue to execute on our plan and are poised to take Cross River through its next phase of successful development here in the U.S. and across the globe,” Cross River Founder, CEO and Chairman Gilles Gade said in a release.

This round of funding follows the securing of $28 million in venture capital in 2016, which was also provided by Battery Ventures, Andreessen Horowitz and Ribbit Capital.