Cross River Bank, Inc. is a U.S. state-chartered commercial banking corporation, headquartered in Fort Lee, New Jersey, U.S. The bank which is an FDIC member and an equal housing lender operates under a New Jersey charter. Cross River Bank is known for its advanced use of technology, strict adherence to compliance and risk management best practices, and as a financial innovator in collaboration with marketplace lending platforms and leading financial technology start-ups.
Cross River Bank was founded in 2008, by French-born entrepreneur and finance industry veteran Gilles Gade, after several business ventures.
The bank focuses on traditional community banking activities, taking deposits and making loans. The bank originates loans for marketplace lenders and processes payments. As of November 2016, the bank has assets of approximately $543M, and had more than 110 employees at its branch office and corporate headquarters in New Jersey.
On November 1, 2016 Cross River Bank announced it had completed a $28 million growth-equity investment led by investment firm Battery Ventures, with participation from Andreessen Horowitz and Ribbit Capital.
Cross River provides Commercial Real Estate financing for cash flowing properties, focused in the tristate area. Additionally, the Bank participates in Small Business Administration (SBA) 7a and 504 loan programs and issues traditional business lines of credit.
Cross River Bank offers loans processed through 15 of the leading peer-to-peer lending portals including Pave, Upstart, Affirm, Marlette Funding, Rocket Loans and LoanDepot. The bank originated over $4.5 billion of aggregate loans since inception and more than 850,000 loans.
Cross River is a strong advocate of the bank/partner model for marketplace lending. The Bank is a leader in Banking-as-a-Service (BaaS) to ensure that loan and payment processes are fully compliant with all laws and regulations.
In October 2015, Cross River Bank announced a $100 million securitization with Marlette funding.
In 2014, Cross River Bank became one of the first U.S. banks to collaborate with Ripple for real-time international payments between the U.S. and Western Europe.
Cross River Bank offers next-generation, global payment solutions such as ACH, wire and real-time payment solutions are used by popular payment services including Google Wallet, Stripe, Affirm, TransferWise, Green Dot, and Coinbase, a leading provider of bitcoin and ethereum solutions. The bank has built internal software to enable it to settle bank transfers on the same day. The bank is one of the largest users of the MasterCard Send instant debit card transfer network.
MPL Industry Leadership
On September 13, 2016, Cross River Bank and Boston University’s Center for Finance, Law & Policy (CFLP) established the Online Lenders Privacy Institute (OLPI). Cross River Bank and Boston University co-hosted the first annual Marketplace Lending Policy Summit in Washington DC. The MPL Summit was organized to create an open dialogue between marketplace lending industry participants and regulators and policymakers, and included academics, regulators, consumer advocates, and leading businesses and industry experts.