Cross River Bank in Fort Lee entered a partnership with financial health start-up SeedFi April 14 with the announcement that it is powering SeedFi’s new Credit Builder and Borrow & Grow Plans through its banking and technology platform, as well as providing debt financing through its strategic direct lending group.
Cross River Chief Executive Officer and founder Gilles Gade called it a natural partnership that will “help Americans reach and realize their potential, as they both build and gain access to credit while saving for the future.”
Together Cross River and SeedFi will provide affordable financial products that encourage and help individuals in underserved communities build credit, increase savings and access money when necessary.
Cross River’s savings accounts, ACH payment services and loan origination will support the initiative.
“Cross River fully supports and believes in SeedFi’s mission to help Americans break the cycle of debt and realize their financial potential,” said Jim McGinley, co-founder and CEO of SeedFi in a prepared statement. “The partnership will allow us to more efficiently deliver an exceptional suite of financial products to our customers.”
Cross River also provided a $50 million debt facility to allow SeedFi to deliver more efficient access to credit. The debt facility originated from he bank’s strategic direct lending group, which has a focus on providing access to capital to early-stage fintechs.
“Our lending group aims to provide capital to innovative fintech companies who share Cross River’s ambition of maximizing financial inclusion, and SeedFi is an excellent example of exactly that kind of company,” said Rahul Jha, head of strategic direct lending at Cross River.