Financial Technology Company Cross River Bank Closed $620 Million in Financing Led by a16z and Eldridge

Cross River Bank, a financial technology company, closed a $620 million round led by Eldridge and a16z, with participation from funds advised by T. Rowe Price (TROW), Whale Rock and Hanaco Ventures. The new funding will be used to boost Cross River’s growth strategy, including expanding the company’s lead in embedded payments, lending and crypto solutions; investing in its people and communities; international expansion; and strategic partnerships. Cross River Bank's products include fiat on- and off-ramps for crypto exchanges, NFT marketplaces and crypto wallets. Its clients include Coinbase, Stripe, Affirm, Rock Loans, and others.