While traditional brick-and-mortar banks continue to be a mainstay of the financial world, they tend not to generate the kind of excitement among investors that is enjoyed by more novel fintech startups. This makes it all the more surprising that a New Jersey-based bank just pulled in nearly two-thirds of a billion dollars in VC fundraising.
But then, Cross River Bank is hardly a typical bank. With a crypto-focused business plan instituted while other traditional financial institutions were still dismissive of the concept, Cross River Bank now boasts Coinbase as a major partner, as well as contemporary fintech stars like Stripe, Checkout.com, and Rocket Loans.
“As companies grow, they pivot to us because they know we are the go-to for embedded finance and infrastructure,” said Gilles Gade, Cross River Bank’s Founder, President, and Chief Executive Officer. “We’ve always been placed at the center of the revolution of providing accessibility to credit to the underserved — all enabled by technology.”
The upshot of Cross River Bank’s investment in tech infrastructure is investor interest that has only grown hotter in recent years. The company’s most recent VC raise led to a valuation in excess of $3 billion, and according to a statement by Gade, they intend to increase the size of their team by at least 25% by the end of the year.