New Jersey-based Cross River Bank has raised $620m in capital through a financing round led by Eldridge and Andreessen Horowitz.
The round was also joined by its existing backers and partners as well as Whale Rock and Hanaco Ventures and funds and accounts advised by T. Rowe Price Investment Management.
Cross River, which provides embedded financial solutions, will use the new capital to fund its technology-focused growth strategy.
This ongoing growth strategy focuses on advancing the firm’s embedded payments, cards, crypto and lending solutions.
It is also aimed at increasing the investment in Cross River’s people and communities and further accelerating its global expansion.
Additionally, this strategy also seeks to expand strategic partnerships in line with the firm’s commitment to transform global finance and enhance financial inclusion.
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Cross River founder, president and CEO Gilles Gade said: “Cross River is powering the future digital economy and changing lives by reinventing the way financial services are accessed.
“The quality of the investor group and size of our latest funding make this a landmark transaction in the financial technology arena, and will enable us to accelerate the growth of Cross River as the foundation of modern finance.”
The technology infrastructure provided by the firm allows its partners to roll out core fintech solutions for businesses and consumers globally.
Eldridge co-founder and CEO Todd Boehly said: “As a technology company with the established expertise of a bank, Cross River is providing essential infrastructure for the future of finance and enabling companies to empower customers with a full suite of fintech solutions.
“We are excited to support Gilles and his team with their continued global expansion.”
The latest fundraise follows Cross River’s $28m Series A financing round in 2016. The firm, which has a team of over 800 employees worldwide, has raised over $82m in net capital to date.