Cross River parent company raises $620 million

CRB Group in Fort Lee, N.J., has raised $620 million in new capital.

The parent of the $9.1 billion-asset Cross River Bank said in a press release Wednesday that the funding was led by Eldridge and Andreessen Horowitz. Other investors included funds and accounts advised by T. Rowe Price Investment Management, Whale Rock and Hanaco Ventures. 

Several of Cross River’s existing investors also participated, while FT Partners was the strategic and financial adviser. 

"Cross River is powering the future digital economy and changing lives by reinventing the way financial services are accessed," Gilles Gade, the company’s president and CEO, said in the release. 

"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,” Gade added. 

Cross River said the new capital will accelerate its technology initiatives, which include building out embedded payments, cards, lending and crypto solutions.