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- Cross River Bank
Cross River Bank Revenue, Valuation, Funding & Investors
Cross River Bank is valued at $3B as of March 2022, a 4.4x multiple on its last reported $675M revenue.
Last Cross River Bank valuation
$3B
Series D · Mar 2022
Last Cross River Bank funding round
$50M
Undisclosed stage · Mar 2026
Cross River Bank revenue
$675M
Series D · Mar 2022
Key investors in Cross River Bank
Andreessen Horowitz
Battery Ventures
T. Rowe Price
KKR
Ribbit Capital
Hanaco Venture Capital
About Cross River Bank
Cross River Bank is a Fort Lee, New Jersey-headquartered chartered bank providing embedded finance infrastructure to fintech firms. It delivers API-based banking services including loan origination, payment processing, cryptocurrency deposits, and compliance tools. Established in 2008, the bank powers platforms for clients such as Affirm, Coinbase, Stripe, and Upstart through partnerships that handle billions in transaction volume annually.
Founded
2008
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Services
Revenue
$675M (Mar 2022)
Valuation
$3B (Mar 2022)
Cross River Bank Valuation
Cross River Bank is currently valued at $3B, based on its Series D in March 2022.
The $620M round was led by Andreessen Horowitz and Eldridge Industries, with participation from T. Rowe Price, Hanaco Venture Capital and Whale Rock Capital Management.
Cross River Bank's valuation has grown 3.0x from $1B at its Series B in December 2018 to $3B in March 2022, across 2 priced rounds.
Cross River Bank valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Mar 2022 | Series D | $3B | 4.4x |
| Dec 2018 | Series B | $1B | - |
Cross River Bank Revenue
Cross River Bank's latest recorded revenue is $675M, as of its Series D in March 2022. At a $3B valuation, that implies a 4.4x revenue multiple.
Cross River Bank revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Mar 2022 | $675M | $3B | 4.4x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Cross River Bank Funding History
Cross River Bank has raised a total of $825M across 5 funding rounds.
Cross River Bank's first fundraising round was a $28M Series A in November 2016. The most recent completed round was a $50M undisclosed-stage round in March 2026.
Cross River Bank funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2026 | Undisclosed stage | T. Rowe Price | $50M | - | - |
| Mar 2022 | Series D | Andreessen Horowitz (lead); Eldridge Industries (lead); T. Rowe Price; Hanaco Venture Capital; Whale Rock Capital Management | $620M | $3B | Cross River Bank, a New Jersey state-chartered FDIC-insured bank, provides banking infrastructure to fintech companies, enabling embedded payments, cards, lending, and crypto solutions through partnerships that scale with partner growth without direct customer acquisition costs. Its deposit base expanded from $100 million in 2010 to over $9 billion by 2021, fueling low-cost funding for lending operations and net interest income. The bank has maintained profitability since 2010, with top-line and bottom-line revenue growing at an average of 50% year-over-year as of March 2022. In March 2022, Cross River Bank raised $620 million in a funding round led by Andreessen Horowitz and Eldridge Industries, with participation from T. Rowe Price, Whale Rock Capital Management, and Hanaco Venture Capital, at a post-money valuation over $3 billion. This marked a significant increase from its prior $30 million round in 2016, reflecting its growing role in fintech ecosystems. The capital supported expansion of embedded finance products, hiring toward over 1,000 employees, strategic partnerships, and acquisitions of technology pockets, with a shift toward a crypto-first strategy. The bank has since pursued growth in commercial banking, achieving $1 billion in loans facilitated in H1 2025 with $550 million retained, and $2.4 billion in assets under management, alongside securitizations like $288 million CMBS and $250 million personal loan ABS in 2023. |
| Apr 2020 | Series C | Shefa Capital (lead); VCI Global (lead); Ion Pacific | $27M | - | Cross River Bank, an FDIC-insured bank founded in 2008 and headquartered in Fort Lee, New Jersey, provides banking-as-a-platform solutions including digital payments, lending, and deposit services primarily to fintech companies. In April 2020, it raised $100 million in a Series C pre-IPO round led by Shefa Capital and V Capital Investments (VCI Global), with the investment aimed at expansion, particularly partnering with VCI for Southeast Asia market entry and supporting VCI's digital bank license application in Malaysia. This followed a 2018 round led by KKR with $100 million raised from participants including Battery Ventures, Andreessen Horowitz, Ribbit Capital, and CreditEase. The partnership positions Cross River Bank to bring Western fintech technology to Southeast Asia, with VCI chairman Tan Sri Mohamad Fuzi Harun stating it would make them leading players in the regional fintech ecosystem within five years. Cross River Bank was preparing for a potential US IPO the following year, emphasizing its modular approach to comply with FDIC regulations while serving fintechs that account for nearly 40% of loan origination and payment markets worth trillions. Later rounds, like a 2022 Series D raising $620 million at over $3 billion valuation with investors including Eldridge and Andreessen Horowitz, highlight the bank's growth, with $85 billion in total loan originations and partnerships with firms like Affirm, Coinbase, and Stripe, but these post-date the queried round. |
| Dec 2018 | Series B | CE Innovation Capital (lead); KKR (lead); Poalim Equity; Battery Ventures; Andreessen Horowitz; Ribbit Capital; LionTree | $100M | $1B | Cross River Bank, a New Jersey-based provider of banking services for financial technology companies, completed a funding round of approximately $100 million on December 6, 2018, led by a $75 million equity investment from KKR. KKR was joined by new investors CreditEase and LionTree Partners, along with returning investors Battery Ventures, Andreessen Horowitz, and Ribbit Capital. Cross River combines banking expertise with technology to offer compliant solutions for fintechs in marketplace lending and payment processing. Clients at the time included Affirm, Best Egg, Upstart, RocketLoans, Coinbase, and TransferWise. The funding was intended to expand technology and product development teams, compliance infrastructure, and support international growth. This round followed a $28 million venture capital raise in late 2016 from Battery Ventures, Andreessen Horowitz, and Ribbit Capital. Later, in 2022, Cross River raised $620 million at a valuation over $3 billion from investors including Andreessen Horowitz and Eldridge. |
| Nov 2016 | Series A | Battery Ventures; Andreessen Horowitz | $28M | - | Cross River Bank, a New Jersey-based community bank, secured $28 million in equity funding on November 1, 2016, led by Battery Ventures with participation from Andreessen Horowitz and Ribbit Capital. The rare VC investment in a regulated bank aimed to strengthen its capital base, expand technology and product-development teams, invest in compliance infrastructure, and launch new business lines supporting fintech partners in loan underwriting, payments, and online lending. Battery General Partner Scott Tobin joined the board following extensive due diligence. The bank partners with over 15 online lenders including Affirm, Upstart, Marlette Funding, Rocket Loans, and Borrowers First, providing access to payment rails, wire systems, and loan origination services. In 2015, Cross River originated more than $2.4 billion in loans for these platforms, collecting fees of 0.2 to 0.5 percent on its loan portfolio. It also offers global payment solutions integrated with Google Wallet, Stripe, TransferWise, and Coinbase. CEO Gilles Gade emphasized the bank's strong regulatory position, maintaining twice the required capital as a tier-one well-capitalized institution. The funding supports growth of its asset base to $260-300 million over 36 months amid concerns over fintech's impact on traditional banking. |
Who has invested in Cross River Bank?
14 investors have backed Cross River Bank across its funding rounds, including Andreessen Horowitz, Battery Ventures, T. Rowe Price, KKR, Ribbit Capital and Hanaco Venture Capital.
Lead investors include Andreessen Horowitz, Eldridge Industries, Shefa Capital, VCI Global, CE Innovation Capital and 1 other investor.
Cross River Bank Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Nov 2016 | ||
| 2 | Participant | Nov 2016 | ||
| 2 | Participant | Mar 2022 | ||
| 1 | Lead | Apr 2020 | ||
| 1 | Lead | Dec 2018 | ||
| 1 | Participant | Dec 2018 | ||
| 1 | Participant | Mar 2022 | ||
| 1 | Participant | Apr 2020 | ||
| 1 | Participant | Dec 2018 | ||
| 1 | Participant | Dec 2018 | ||
| 1 | Lead | Mar 2022 | ||
| 1 | Lead | Apr 2020 | ||
This data is available for Pro users. Sign up to see all 14 Cross River Bank investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Cross River Bank
Cross River Bank has acquired 3 companies to date.
Last acquisition by Cross River Bank was on November 2nd 2021. Cross River Bank acquired Betterfin for undisclosed valuation.
Latest Acquisitions by Cross River Bank
| Description | Betterfin is a San Francisco-based all-in-one financing management platform for business owners. It leverages capital markets data and credit technology to streamline funding applications and financial oversight. The tool integrates lending options with analytics for efficient cash flow management and growth financing. | PeerIQ is a New York-based analytics firm providing data tools for peer-to-peer lending risk management. It aggregates loan performance data to deliver benchmarks, portfolio valuation, and pricing models for institutional investors. Founded in 2014, PeerIQ serves hedge funds and banks analyzing $10 billion+ in marketplace loans. | Seed is a Mexico City-based digital banking platform tailored for small businesses across Mexico. It delivers mobile-first services including business checking accounts, Visa debit cards, instant SPEI transfers, QR code payments, and integrated invoicing tools. The platform supports over 100,000 businesses with features like automated expense categorization, payroll processing, and virtual cards for team spending control. Seed partners with Visa and processes billions in monthly transactions, enabling seamless operations from account setup to international remittances via partnerships with global providers. |
| HQ Country | |||
| HQ City | New York City, NY | New York City, NY | San Francisco, CA |
| Deal Date | 2 Nov 2021 | 23 Jun 2021 | 24 Jun 2019 |
| Valuation | undisclosed | undisclosed | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all Cross River Bank acquisitions and their M&A valuation multiples. Start Free Trial | |||
Investments by Cross River Bank
Cross River Bank has invested in 5 companies to date.
Latest investment by Cross River Bank was on June 10th 2026. Cross River Bank invested in Current in their $80M Series E round.
Latest Investments by Cross River Bank
| Description | Current is a San Francisco-headquartered fintech company offering a mobile banking app for underbanked Americans. The platform provides fee-free checking accounts, high-yield savings, instant transfers, and credit-building tools integrated with Visa debit cards. Launched in 2019, it supports over 5 million users with features like early direct deposit and family banking sub-accounts. Partnerships with Visa and Green Dot Bank underpin its infrastructure, while investments from Andreessen Horowitz and General Catalyst fuel expansions into teen banking and rewards programs. | Fortunafi is a decentralized finance platform offering on-chain investment products for stablecoin issuers and treasuries. Based in the Cayman Islands, it provides public and private debt funds investing in tokenized U.S. Treasuries, corporate bonds, and real-world assets. Fortunafi's smart contracts enable yield-bearing stablecoins and automated portfolio management on Ethereum and Solana blockchains. Launched in 2023, it serves DeFi protocols and institutions with audited custody via partnerships like Fireblocks. | - | Lev is a New York-headquartered technology platform founded in 2019 that digitizes commercial real estate transactions. The company streamlines deal sourcing, due diligence, leasing, and financing workflows for brokers, investors, and owners. Lev integrates property data, analytics, and collaboration tools to accelerate closings in multifamily, office, and retail sectors across the U.S. | |
| HQ Country | |||||
| HQ City | New York City, NY | Miami, FL | - | New York City, NY | |
| Deal Date | 10 Jun 2026 | 29 May 2024 | 11 Nov 2022 | 13 Apr 2022 | |
| Round | Series E | Seed | Seed | Series B | |
| Raised | $80M | $10M | $8M | $70M | |
| Investors | General Catalyst; Wellington Management; QED Investors; Andreessen Horowitz; Springcoast Capital Partners; Tiger Global; Avenir; Sapphire Ventures; Foundation Capital | Brian McGrath; Manifold Capital Partners; Jordan Fish; Austin Green; Eric dauphin; Ari Litan; Claure Group; Jason Pate; Evanss6; 166 2nd Financial Services; Carl hua | Better Tomorrow Ventures; Vinte; Wollef Ventures; Goodwater Capital; DILA Capital; MetaProp; Magma Partners; The Fintech Fund; Activant Capital; Moore Capital | Parker89; JLL Spark; Canaan Partners; StepStone Group; ANIMO Ventures; Capital One Ventures; NFX; Citi Ventures; Citi SPRINT; Blitzscaling Ventures | |
| Valuation | $1.5B | $48M | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Cross River Bank investments and their VC round multiples. Start Free Trial | |||||
Cross River Bank Competitors
Cross River Bank competitors include listed companies like Krungthai Card, Netwealth Group and NCR Atleos, and private ones like Loft, DriveWealth and OakNorth.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $2.9B | - | ||
| Publicly listed | $659M | - | $2.9B | 3.5x | ||
| Private | - | - | $2.9B | - | ||
| Private | - | - | $2.8B | - | ||
| Publicly listed | $278M | $139M | $3.2B | 11.0x | ||
| Publicly listed | $4.4B | $730M | $3.4B | 1.3x |
Cross River Bank Public Comps
Cross River Bank is still privately-owned, but its public comps include Provident Bank, SpareBank 1 Østlandet, Bank of Hawaii, Walliser Kantonalbank, Banc of California, Bank of Queensland, UCO, Valiant Holding, Banque Cantonale de Genève and Bandhan Bank.
| Last FY | EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|---|
| Revenue | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $870M | 3.5x | 3.3x | - | - | |||
| $768M | 3.9x | 3.9x | - | - | |||
| $711M | 4.1x | 3.8x | - | - | |||
| $315M | 9.7x | - | - | - | |||
| $1.1B | 2.7x | 2.5x | - | - | |||
| $1.2B | 2.6x | 2.6x | - | - | |||
| $1.3B | 2.4x | - | - | - | |||
| $670M | 4.3x | 4.2x | - | - | |||
This data is available for Pro users. Sign up to see all Cross River Bank competitors and their valuation data. Start Free Trial | |||||||
Common questions about Cross River Bank
| When was Cross River Bank founded? | Cross River Bank was founded in 2008. |
| Where is Cross River Bank headquartered? | Cross River Bank is headquartered in Fort Lee, NJ, United States. |
| Is Cross River Bank publicly listed? | No, Cross River Bank is a private, VC-backed company. |
| What is Cross River Bank's valuation? | Cross River Bank was last valued at $3B in its Series D in March 2022. |
| How much funding has Cross River Bank raised? | Cross River Bank has raised $825M across 5 funding rounds. |
| What was Cross River Bank's last funding round? | Cross River Bank's last funding round was a $50M undisclosed-stage round in March 2026. |
| Who are Cross River Bank's investors? | Cross River Bank's investors include Andreessen Horowitz, Battery Ventures, T. Rowe Price, Shefa Capital, KKR, Poalim Equity, Hanaco Venture Capital, Ion Pacific, Ribbit Capital, LionTree and 4 others. |
| What is Cross River Bank's revenue? | Cross River Bank's latest recorded revenue is $675M (March 2022). |
| What is Cross River Bank's revenue multiple? | Cross River Bank's latest valuation implies a 4.4x revenue multiple ($3B valuation on $675M of revenue). |
| Which companies are comparable to Cross River Bank? | Companies comparable to Cross River Bank include Loft, Krungthai Card, DriveWealth, OakNorth, Netwealth Group and NCR Atleos. |
| How many companies has Cross River Bank acquired? | Cross River Bank has acquired 3 companies, including Betterfin, PeerIQ and Seed. |
| How many companies has Cross River Bank invested in? | Cross River Bank has invested in 5 companies, including Current, Fortunafi, Yave, Lev and Alviere. |
| What was Cross River Bank's last investment? | In June 2026, Cross River Bank invested in Current's $80M Series E alongside General Catalyst, Wellington Management, QED Investors and 6 other investors. |
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