Eldridge, A16z Lead $620M Financing Round for Fintech Cross River Bank

Cross River Bank, a financial technology company offering embedded financial products, including fiat on- and off-ramps for crypto companies, has closed a $620 million funding round at an undisclosed valuation.

The capital raise was led by Eldridge and Andreessen Horowitz (a16z), with participation from funds advised by T. Rowe Price (TROW), Whale Rock and Hanaco Ventures.
The new funding will be used to boost Cross River’s growth strategy, including expanding the company’s lead in embedded payments, lending and crypto solutions; investing in its people and communities; international expansion; and strategic partnerships.
Among Cross River’s offerings, according to the company website, are fiat on- and off-ramps for crypto exchanges, non-fungible token (NFT) marketplaces and crypto wallets. Services include secure ACH money transfers, real-time transfers to Mastercard (MA) and Visa (V), and wire transfers.
Coinbase (COIN) is among Cross River’s more than 80 customers, as are Stripe, Affirm (AFRM) and Rock Loans.
“Whether it’s lending, transfers, payments and more, Cross River will offer its partners a regulatory compliant and approved framework to increase their crypto offerings and expand their reach – the same way Cross River was able to support the growth of now category leaders within personal lending and BNPL, among others.” said Lior Prosor, general partner and co-founder of Hanaco Ventures, in a statement.

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Brandy Betz

Brandy covered crypto-related venture capital deals for CoinDesk.

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