Cross River Passes $600 Million in Monthly Loan Originations

Fintech Bank’s New Milestone Solidifies Industry Leadership

FT. LEE, N.J.--()--Continuing its strong record of growth, Cross River, a leader in the emerging Fintech industry, announced today that it has set a new monthly loan origination record of more than $600 million in April.

“Cross River provides a complete suite of innovative products and services including automated underwriting and compliance technology solutions, balance sheet capacity and diversification options to our partners which enables them to focus on their growth.”

“Cross River has established strong operational efficiencies and compliance oversight to meet the growth of our partners,” says Kathy Nelson, Cross River’s COO.

The loan origination achievement puts Cross River’s growth into impressive context – the April 2018 volume represents approximately 60% growth in loan origination from April 2017, and keeps Cross River on pace to exceed $7 billion in loan originations for 2018.

Cross River currently partners with 14 Marketplace Lending (MPL) platforms to originate loans across the United States through its focus on best-in-class technology and compliance. As the bank approaches its 10-year anniversary, it continues to build on its mission to enable technology companies to provide financial solutions to the broader market.

Geoff Kott, Head of Finance and Strategy at Cross River added, “Cross River provides a complete suite of innovative products and services including automated underwriting and compliance technology solutions, balance sheet capacity and diversification options to our partners which enables them to focus on their growth.”

The record-setting loan origination figure adds to an impressive list of performance milestones over the past year that has helped Cross River firmly establish itself as the preeminent force in the Fintech industry.

The growth in loan origination follows on a number of other impressive recent achievements, which were recognized last month at the annual LendIt Fintech Industry conference, where, for the second consecutive year, Cross River was awarded “Most Innovative Bank.” LendIt is the world’s largest annual event focused on financial services innovation.

“We are proud to be able to provide access to credit to millions of Americans in a compliant, safe and sound manner through uniquely designed partnerships with our marquis clients. The bank is well positioned to continue its impressive growth with a combination of robust compliance, technology and strong risk management,” said Adam Goller, Head of Strategic Partnerships for Cross River.

About Cross River:

Founded in 2008, Cross River is a New Jersey State Chartered FDIC-insured bank. The company recently secured $28 million VC funding from three well-regarded investors (Battery Ventures, Andreessen Horowitz, and Ribbit Capital) and has developed strategic partnerships with FinTech leaders to build fully compliant and integrated solutions for the marketplace lending and payment processing arenas. As disintermediation and financial independence increasingly fuel the new economy, Cross River is uniquely positioned to service both the established giants and the growing list of new entrants into these sectors. Corporate website: www.crossriverbank.com

Contacts

Cross River
Richard Keil, 202-251-4470
Richard.keil@hkstrategies.com

Release Summary

Cross River, a leader in the emerging Fintech industry, announced it has set a new monthly loan origination record of more than $600 million in April.

Cross River