Cross River Bank, an embedded finance technology provider, has committed a $50m revolving credit facility to GoodLeap, a sustainable home improvement finance platform, to support the launch of a new card linked to homeowners’ equity.
The facility was arranged through Cross River’s Principal Finance Group and will fund the GoodLeap Home Visa Signature Card. Cross River will also issue the card, combining its lending and card capabilities as part of the arrangement.
The GoodLeap Home Card is built around a home equity line of credit (HELOC), allowing homeowners to access property equity for renovation projects and everyday purchases. GoodLeap says the card offers interest rates below those typically associated with credit cards, while customers can receive up to 6% cash back on eligible home improvement projects initiated through the GoodLeap Home app.
The deal gives GoodLeap access to several parts of Cross River’s financial infrastructure through one relationship. Alongside providing the credit facility, Cross River will handle card issuance and payments infrastructure for the product.
The structure highlights Cross River’s role across both the financing and technology layers supporting the card. Its Principal Finance Group provides the lending capacity, while the bank’s payments and card infrastructure supports the product itself.
GoodLeap focuses on financing and software for sustainable home upgrades, including solar installations, batteries, heat pumps, energy-efficient HVAC systems, roofing and windows. Its technology has been used by more than 1.7 million homeowners, while the company says its platform has facilitated more than $37bn in financing for sustainable solutions since 2018.
The company also provides AI-powered applications and developer tools used by thousands of installers and home efficiency professionals for areas including customer communications, business intelligence, payments and operations. GoodLeap additionally supports GivePower, a non-profit organisation that develops clean electricity and water systems across Africa, Asia and South America, reaching more than 2.5 million people.
Cross River operates a proprietary real-time digital banking core supporting embedded payments, cards, lending and crypto services for millions of consumers and businesses. The bank is a member of the FDIC and works with technology and FinTech companies.
Cross River chief investment officer and head of capital solutions group Noah Cooper said, “This partnership with GoodLeap exemplifies Cross River’s multi-layered approach to serving innovative fintech platforms. By combining our Principal Finance Group’s credit facility capabilities with our payment infrastructure, we’re able to deliver a comprehensive solution that maximizes operational efficiencies for our partners while enabling an improved experience for consumers.”
Cross River head of fintech banking Adam Goller said, “The GoodLeap Home Card is a great example of how Cross River’s product and payments capabilities come together to enable enhanced consumer experiences. Our purpose-built infrastructure is flexible and powerful, designed to support these innovative use cases. This partnership showcases what’s possible when fintechs can plug into a fully integrated payments and lending stack from day one.”
GoodLeap chief operating and strategy officer Dan Lotano added, “Homeowners have never lacked equity, they’ve lacked a partner who helps them use it. The GoodLeap Home Card pairs the simplicity of a card with access to home equity, backed by a platform that connects homeowners to contractors, project guidance, and rewards on the work their home actually needs. Cross River helped us bring this to market quickly, serving as a strong foundation as we grow.”
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