Cross River Bank has picked lead banks for IPO: Axios

Cross River Bank has picked lead banks for IPO: Axios

Cross River Bank Announces Strategic Credit Facility Expansion with Upgrade

Cross River Bank, a technology-driven financial institution specializing in embedded banking solutions, has expanded its revolving credit facility with fintech partner Upgrade, Inc. from $150 million to $250 million. The facility, secured by personal credit line (PCL) assets, is structured through Cross River's Principal Finance Group (PFG) and supports the continued growth of Upgrade's consumer lending platform.

This marks a significant milestone in the multi-year partnership between the two companies, which also collaborate on products such as Rewards Checking accounts, the Upgrade Card, and home improvement loans. Noah Cooper, Cross River's Chief Investment Officer, emphasized the Bank's commitment to providing scalable financing solutions for fintech partners, stating, "We're aligned with partners like Upgrade to deliver flexible capital that supports responsible growth and innovation in financial services."

Upgrade, a fintech offering credit and banking products to mainstream consumers, has facilitated over $45 billion in credit to 7.5 million customers since its 2017 launch. Kunal Shah, VP of Capital Markets Execution at Upgrade, noted that the upsized facility reflects confidence in the company's platform and its ability to deliver affordable credit to consumers.

The expansion aligns with broader trends in the fintech sector, where embedded finance and partnership-driven models are reshaping traditional banking. Cross River's role as a capital provider has also extended to other fintechs, including EarnIn, where it recently provided a $150 million credit facility to support on-demand pay access for workers.

While Cross River has not publicly disclosed IPO-related details in the provided materials, its recent strategic moves underscore its position as a key enabler of financial innovation. The Bank's focus on scalable, technology-integrated solutions continues to attract partnerships across consumer lending and digital banking ecosystems.

Cross River & Upgrade Credit Facility Announcement
Cross River's Credit Facility with EarnIn

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