Total amount raised
$648 Millions
Latest funding date
03/01/2022
Location
Title
Cross River has successfully raised significant capital through multiple funding rounds, establishing itself as a key player in the financial technology sector. The company offers a comprehensive suite of API-driven banking solutions, including infrastructure, card issuing, digital lending, and commercial banking services.
Keep reading to explore the intricacies of Cross River's fundraising journey and the investors backing this innovative platform.
What Is Cross River?
Cross River, founded in 2008, is headquartered in Fort Lee, New Jersey. The company was established by Gilles Gade, who continues to lead the organization. With a workforce of over 500 employees, Cross River specializes in providing API-driven financial solutions and banking infrastructure.
How Much Funding Has Cross River Raised?
- Amount Raised: $28 million Date: November 2016 Lead Investors: Battery Ventures LP, Andreessen Horowitz, Ribbit Capital Valuation at Round: Not publicly disclosed Motivation Behind the Round: Venture capitalists believed investing in a traditional bank like Cross River could be more promising than startups aiming to disrupt the banking sector.
Cross River has raised a total of $28 million. The current valuation is not publicly disclosed.
Key Investors
- Battery Ventures LP
- Details: Battery Ventures LP is a venture capital firm that invests in technology and innovation-driven companies. Founded in 1983, it has a long history of supporting startups and growth-stage companies.
- Investment Focus Areas: Technology, software, industrial tech
- Notable Investments: Nutanix, Coupa Software, Glassdoor
- Andreessen Horowitz
- Details: Andreessen Horowitz, also known as a16z, is a prominent venture capital firm co-founded by Marc Andreessen and Ben Horowitz. The firm is known for its investments in technology companies.
- Investment Focus Areas: Technology, biotech, fintech
- Notable Investments: Facebook, Twitter, Airbnb
- Ribbit Capital
- Details: Ribbit Capital is a venture capital firm that specializes in financial technology (fintech) investments. Founded in 2012, it aims to revolutionize the financial services industry.
- Investment Focus Areas: Fintech, insurance, cryptocurrency
- Notable Investments: Coinbase, Robinhood, Credit Karma
What's Next for Cross River?
Cross River is poised to capitalize on a myriad of opportunities, particularly in infrastructure services and digital lending. With a robust suite of offerings like ACH, FedNow®, and loan origination, the company is well-positioned to meet the growing demand for seamless financial solutions.
Given the substantial $28 million investment from top venture firms, future fundraising seems promising. This capital influx could fuel further innovation and expansion, potentially attracting more investors. However, challenges such as regulatory compliance and competition from both traditional banks and fintech startups could pose hurdles along the way.
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