KKR leads $100m funding round for FinTech-focused Cross River Bank

KKR has led a $100m funding round in FinTech-focused Cross River Bank, committing $75m primarily from its Private Credit Opportunities Partners II vehicle.

KKR was joined in the round by new investors CreditEase and Lion Tree Partners. Previous investors Battery Ventures, Andreessen Horowitz and Ribbit Capital also participated in the round.

The New Jersey-based community bank provides banking-as-a-platform services to FinTech companies.

Cross River’s suite of products include lending, payments, compliance and risk management services.

The company has partnered with a number of FinTech platforms in the past including TransferWise, Affirm Inc and Coinbase.

Cross River said it plans to use the funding to expand its technology and product development team as well as its compliance infrastructure.

“We believe Cross River has a great future ahead and we are very pleased to support Gilles and the talented management team to continue their impressive growth,” said KKR co-head of private credit Dan Pietrzak.

“Cross River offers solutions to address a number of challenges faced by FinTech companies by giving them access to a full suite of banking solutions and services in a single, fully compliant and innovative platform, making it an increasingly attractive and valuable franchise in a dynamic marketplace.”

The company had previously raised $28m of venture capital in 2016 from Battery Ventures, Andreessen Horowitz and Ribbit Capital.

Last month, online real estate marketplace PropertyGuru, secured SGD $200m ($145m) in a Series D round from KKR.

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