Cross River Celebrates 16 Years of Trailblazing Innovation, Inclusion and Giving
24 Julio 2024 - 12:00PM
Business Wire
Provided Life-Changing Access to Credit to
Nearly One Hundred Million Customers and Facilitated Nearly One
Billion Payment Transactions for Consumers When and Where
Needed
Started in the Midst of 2008 Financial Crisis
to Deliver Financial Resources to Those in Need with the Goal of
Being a Different Type of Institution, Bent on Making a
Difference
Cross River Bank (“Cross River”), a leading provider of
technology infrastructure and embedded financial solutions, is
proud to celebrate its 16th anniversary since its founding in June
of 2008. Coming out of the 2008 financial crisis, Cross River has
been at the forefront of driving innovation and underpinning the
growth of the fintech industry and is known for its values-driven
business model. Over the last 16 years, the Company has set the
standard by providing both leading technology and deep banking
expertise to break down barriers for individuals and communities
through its responsible and innovative offerings, financial
inclusion initiatives and notable Foundation@ giving arm.
“Cross River was born out of a commitment to provide financial
resources to those in need, especially during the 2008 financial
crisis when others were retreating. We have transformed the
financial landscape, providing life-changing access to credit for
nearly one hundred million customers and facilitating nearly one
billion payment transactions. This achievement is a testament to
the unwavering dedication of our extraordinary team and the
invaluable support of our partners, friends, and communities,” said
Gilles Gade, Founder and CEO of Cross River. “As we look to the
future, we remain dedicated to our foundational values of
responsibility, integrity, compassion, creativity, and humility.
Our path forward is clear: to continue leading the way in
developing innovative solutions, expanding our giving, and driving
positive change.”
Since opening its doors, Cross River’s unwavering prioritization
of financial inclusion and responsible access to financial services
has positively impacted countless lives across the nation and
around the world. Clients and partners leverage Cross River’s
proprietary, real-time API-based banking core (COS), payment rails
and technology infrastructure to provide access to credit and
enable best in class lending, payments, banking and merchant
acquiring services. Cross River’s products and clients are powering
millions of businesses and consumers across the globe, daily.
Today, Cross River marks 16 years of exponential growth,
giving and the transformation of financial services and reflects on
its contributions pioneering the fintech space:
- Opened with $10MM in equity; today the Bank has $1BN in equity
and $8BN in assets.
- Entered into its first technology relationship in 2010 and
today has more than 120 and growing, delivering on optionality for
businesses and consumers.
- Built the Cross River Operating System (COS), an industry
leading, proprietary API-based banking core, from the ground-up,
developed by in-house engineers and utilized by fintech clients to
better serve their end users.
- Developed and scaled one of the broadest sets of banking and
payments APIs in the industry for continued innovation, with 99.9%
historical uptime and over 30x growth in API requests since
2019.
- Grew to become one of the largest originators of loans for
marketplace lending platforms, with over $137BN in total
originations and over 94MM loans originated since inception—nearly
100 million individuals provided with access to credit.
- Launched payments business in 2015 with a simple ACH platform
and most recently, built one of the first singular API
interoperability technology for instant payment networks, RTP®
& FedNow® Service, giving consumers access to their funds when
and where they need.
- Named a Top 4 originator of RTP® since 2023 and the #1
processor of Same-Day ACH, for efficient, responsible and more
instantaneous transactions.
- Committed to growing a fintech workforce promoting inclusion
with employees in 35 states across the Country and over 160
developers in Israel.
- Unwavering dedication to responsible risk management and
industry-leading compliance with 18x growth in risk and compliance
positions since 2019.
Cross River’s forward-thinking approach enables it to rise to
the occasion and answer the call time and again, swiftly adapting
to fill gaps in the market, while never compromising on consumer
protection. By leveraging technology and expertise, Cross River
extended financial lifelines to almost 500,000 small businesses,
many of whom were refused by other institutions, saving 1.4 million
jobs nationwide during the pandemic. While expanding services
pragmatically in business, Cross River also saw the need in the
global community to scale its philanthropic outreach through
Foundation@, to support even more nonprofit organizations and
causes around the globe.
The Company is poised to continue leading the way in the
development of innovative solutions with investments in
infrastructure capabilities, cross border solutions and prepaid
offerings. Driven by its foundational values—responsibility,
integrity, compassion, creativity and humility, Cross River remains
steadfast in its mission to drive positive change and chart
infinite opportunities for a better tomorrow.
*Metrics as of Q1 2024
About Cross River Cross River provides technology
infrastructure powering the future of financial services.
Leveraging its proprietary real-time banking core, Cross River
delivers innovative and scalable embedded payments, cards, and
lending solutions to millions of consumers and businesses. Cross
River is backed by leading investors and serves the world’s most
essential fintech and technology companies. Leading the industry,
Cross River is reshaping global finance and financial inclusion.
Member FDIC. Find out more at www.crossriver.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240724685319/en/
Media Contact Cross River Mackenzie DeLuca 201-808-7000
ext. 778 mdeluca@crossriver.com