Cross River Bank
NJ-chartered FDIC-insured bank providing Banking-as-a-Service infrastructure to fintech partners
fintech
📍 Fort Lee, NJ
Founded 2008
Current Valuation
$3.0B
as of 2022 (Series D, likely stale)
UNICORN
Cross River Bank is a New Jersey state-chartered, FDIC-insured commercial bank that powers banking infrastructure for fintech partners including Affirm, Coinbase, Stripe, and Marqeta. Unlike VC-funded fintech startups it is an actual regulated depository institution. It raised $620M in 2022 at a ~$3B valuation, with T. Rowe Price participating. The bank operates under a 2023 FDIC consent order related to fair-lending and BSA/AML controls and has been working through remediation. An IPO has been discussed for 2025-2026 but no S-1 has been filed.
Company Profile
Last Round
Series D — $620M (Mar 2022) · Lead: Eldridge
Founders & Key People
Gilles Gade
Investors
Eldridge · Andreessen Horowitz · T. Rowe Price · Whale Rock Capital · Hanaco Ventures · Lightspeed Venture Partners · Battery Ventures
Products
- BaaS API platform
- Payments (ACH, wires, RTP, FedNow)
- Embedded lending infrastructure
- Card issuing
- Marketplace lending services
Competitors
Column · Lead Bank · Evolve Bank & Trust · Pathward · Treasury Prime · Synapse (defunct)
FintechBanking-as-a-ServiceRegulated BankInfrastructure
Private-company numbers are not real-time. Reflects publicly disclosed valuations from press releases, news reports, and tender offers as of 2022 (Series D, likely stale). Refreshed quarterly.