Eldridge and Andreessen Horowitz led the funding round.
The valuation of Cross River, one of the fastest-growing financial services providers, soared after the company raised $620 million in its latest funding round. Through the funding, Cross River aims to accelerate its expansion with the enhanced product offering.
The investment round, which was led by Eldridge and Andreessen Horowitz, saw participation from prominent investors, including T. Rowe Price, Whale Rock and Hanaco Ventures. Cross River has expanded its presence significantly in the global crypto ecosystem. The latest announcement comes a few days after the financial firm announced a collaboration with Chainalysis for crypto compliance.
In 2016, Cross River raised $28 million in its Series A round led by Battery Ventures, Andreessen Horowitz and Ribbit Capital. The company termed the latest funding a significant achievement despite challenging market conditions.
“Cross River enables every company to become a fintech company, a vision we are bullish about at a16z and another reason why we've been committed to Cross River since the early days of the business,” said David George, a General Partner of the Growth Fund at Andreessen Horowitz. “Their technology has unlocked opportunities across the entire fintech ecosystem providing trusted and efficient integrations to their partners.”
Growth Strategy
According to the details shared by Cross River, the new capital will drive its technology-based growth strategy. In addition, the company is planning to enhance its payments, lending and crypto solutions. In the past few years, Cross River has partnered with several leading crypto firms, including digital exchange Coinbase.
“Cross River is powering the future digital economy and changing lives by reinventing the way financial services are accessed,” said Gilles Gade, the Founder, President and CEO of Cross River. “The quality of the investor group and size of our latest funding make this a landmark transaction in the financial technology arena, and will enable us to accelerate the growth of Cross River as the foundation of modern finance.”
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