But as the biggest players in fintech have come to rely on Cross River Bank for things like embedded payments, cards, lending and crypto “solutions,” it feels far less so in 2022. At the time, the move by investors in a number of Silicon Valley’s fintech startups was seen as rare. It’s a massive jump from the company’s last raise - a $30 million round in October 2016 that included capital from Battery Ventures, Andreessen Horowitz (a16z) and Ribbit Capital. (If we want to get technical, the money was actually raised by CRB Group, the bank’s parent company.) Rowe Price Investment Management, Whale Rock and Hanaco Ventures and several other firms. Private equity firm Eldridge and Andreessen Horowitz co-led the financing, which also included participation from funds and accounts advised by T. And as fintech has exploded in recent years, so has Cross River Bank’s business - as well as investor interest. The Fort Lee, New Jersey-based institution is also a technology infrastructure provider that powers lending and payments for many of the fintechs that top VCs are also backing. But today, Cross River Bank told TechCrunch that it has raised $620 million in funding at a valuation north of $3 billion.Ĭross River Bank is not just any bank. It’s not as typical for us to hear, though, about venture capitalists pouring millions of dollars into a traditional bank. Financial technology startups raised $121.6 billion last year - up 153% year-over-year in terms of global VC deal value - and include a range of outfits, from payments companies to digital banks to corporate spend players.
0 kommentar(er)
