Cross River

Cross River is an American bank for the fintech industry, founded in 2008. He is a member of the Federal Deposit Insurance Corporation. Cross River offers the service of credit and debit cards, the option "buy now - pay later," a risk management service, but the main focus is on issuing loans. The bank's customers are Affirm, Google, Coinbase and Klarna (by May 2022). These venture capital start-ups provide Cross River customers. From each loan issued, 10% to 20% is withheld.

History

2022: Raising $4 million investment from Mindrock Capital Fund

In May 2022, it became known about the investment of Cross River. Pavel Cherkashin and Grigory's fund TrubkinaMindrock Capital invested $4 million in the American bank, its estimated cost is $3 billion. It is reported that the shares were bought back on the secondary market.

At the end of March 2022, it became known about the investment of $620 million in Cross River. That round of financing was led by investment companies Eldridge and Andreessen Horowitz with the participation of T. Rowe Price Investment Management, Whale Rock, Hanaco Ventures, as well as other investors.

Mindrock Capital has invested in an American fintech bank

According to information from the Cross River website, a bank registered in New Jersey, insured by the US Federal Deposit Insurance Corporation (FDIC), since its foundation in 2008 has issued loans worth more than $55 billion (by May 2022).^[1]

2018-2020

Cross River raised about $100 million in a funding round led by investment giant KKR. That deal was also attended by CreditEase, LionTree Partners, Ribbit Capital, Battery Ventures and Andreessen Horowitz.

In 2020, Cross River announced that its parent company, CRB Group, issued subordinated bonds worth $106 million, which will provide the bank with "opportunistic capital" to implement strategic growth plans.

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