Cross River Partners with SeedFi to Provide Access to Affordable Financial Products, Fueling Increased Economic Inclusion
FORT LEE, N.J.--(BUSINESS WIRE)--Apr 14, 2021--
Cross River, a technology-focused financial services organization and Banking-as-a-Service (“BaaS”) provider, today announced that it is powering SeedFi’s new Credit Builder and Borrow & Grow Plans through its banking and technology platform, as well as providing debt financing through its Strategic Direct Lending Group.
“This natural partnership will help Americans reach and realize their potential, as they both build and gain access to credit while saving for the future,” said Gilles Gade, Founder, President and CEO of Cross River. “We are accelerating economic inclusion and empowering the next generation by utilizing our latest proprietary financial technology, a robust set of APIs and capital markets expertise, all under one roof.”
Cross River and SeedFi are providing transparent and affordable financial products that help individuals in underserved communities build credit, increase savings and access money when they need it, enabling them to chart a better future. Cross River delivers the banking services to support these offerings, including savings accounts, ACH payment services and loan origination.
“Cross River fully supports and believes in SeedFi’s mission to help Americans break the cycle of debt and realize their financial potential,” said Jim McGinley, co-founder and CEO of SeedFi. “The partnership will allow us to more efficiently deliver an exceptional suite of financial products to our customers.”
Additionally, Cross River has provided a $50 million debt facility, which will enable SeedFi to deliver greater and more efficient access to credit for its consumers nationwide. The facility is originated by Cross River’s Strategic Direct Lending Group, a specialized team focused on providing credit facilities and forward flow purchase arrangements to empower the growth of early-stage fintechs. Cross River’s mission is to enable greater access to credit through a full suite of banking services, and the Group is focused on strategic, multi-pronged partnerships that extend beyond financing.
“Our lending group aims to provide capital to innovative fintech companies who share Cross River’s ambition of maximizing financial inclusion, and SeedFi is an excellent example of exactly that kind of company,” said Rahul Jha, Head of Strategic Direct Lending at Cross River. “We’re proud to support SeedFi’s growth with this credit facility, and we’re excited to play a role in bringing responsible financial products to consumers in need.”
SeedFi’s Credit Builder and Borrow & Grow Plans are designed to enable greater access to credit while also building savings. SeedFi is empowering Americans and enabling them to have a better relationship with money by encouraging the development of long-term saving habits, building credit and planning for the future, while providing access to funds in times of need. Cross River’s deep fintech and regulatory expertise enables the delivery of responsible financial products with a strong focus on regulatory compliance and consumer protection.
About Cross River
Cross River is a fast-growing financial services organization that merges the forward-thinking offerings of a technology company with the established expertise and traditional services of a bank. Since its founding in 2008, Cross River has developed strategic partnerships with leading technology companies, marketplace lenders and payment providers, while maintaining a strong focus on regulatory compliance and consumer protection. Cross River provides a highly secure, API-based banking platform and comprehensive suite of products encompassing lending, payments, risk management and Banking-as-a-Service (BaaS) offerings to deliver responsible financial solutions that empower businesses and consumers anytime, anywhere. Cross River is a New Jersey state-chartered FDIC insured bank. For more information, please visit Cross River’s website at www.crossriver.com or Twitter @crossriverbank.
SeedFi is the financial health startup helping Americans build credit, save money, access funds, and plan for the future. Created by founders with years of fintech experience and firsthand knowledge of common money pain points, SeedFi’s mission is to help Americans break the cycle of debt and realize their financial potential. SeedFi is based in San Francisco and New York and has raised $19 million in equity funding from Andreessen Horowitz, Flourish, Core Innovation Capital, and Quiet Capital. For more information and to sign up, visit SeedFi.com.
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KEYWORD: NEW JERSEY UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: OTHER PROFESSIONAL SERVICES FINANCE CONSULTING PROFESSIONAL SERVICES TECHNOLOGY CONSUMER OTHER CONSUMER OTHER TECHNOLOGY
SOURCE: Cross River
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PUB: 04/14/2021 06:30 AM/DISC: 04/14/2021 06:30 AM