Leading Fintech Innovator Cross River Announces Acquisition of Seed Small Business Banking Platform
Cross River to Acquire Seed Team and Open West Coast Offices
FORT LEE, N.J. (June 24, 2019)— Cross River Bank (“Cross River”), a leading innovator and provider of banking services for technology companies, today announced that it has acquired the Seed online small business banking technology platform. This new platform will build on Cross River’s growing suite of innovative Banking-as-a-Service (BaaS) solutions. As part of the transaction, Cross River will also acquire members of the current Seed team with plans to open additional offices on the West Coast. Terms and conditions for the transaction were not disclosed.
“This acquisition marks a significant milestone for Cross River that comes on the heels of our recent capital raise. It allows us to further strengthen our position as a leading provider of fintech solutions as we continue building and enhancing a complete banking platform where companies can leverage best-in-class banking technologies with compliance excellence,” said Gilles Gade, founder, CEO and Chairman of Cross River. “The strength of Seed’s leadership is undeniable, and we are excited to extend Cross River’s growth trajectory with this acquisition as we bring on the Seed team and work together to expand our capabilities and offerings.”
With the acquisition of the Seed platform, Cross River will expand its BaaS offerings, providing additional services for both current and prospective clients. This provides Cross River with the opportunity to grow and expand its existing technology, and to ramp up its small business banking solutions. Cross River will be developing an integrated product and will begin offering it in the coming months.
In addition to the technology, Cross River will acquire Seed’s highly skilled and talented team, including Seed co-founders Brian Merritt and Ryan Hildebrand, who were former executives at consumer banking startup Simple, and have vast experience in both tech and finance. As the Cross River and Seed teams integrate, they will focus on incorporating the Seed technology platform and expanding current offerings and additional business lines for future growth. As part of this expansion, Cross River expects to open offices on the West Coast in San Francisco and Portland.
“We extend a huge thank you to Gilles and the Cross River Board for believing in us,” said Brian Merritt, Co-founder and CEO of Seed. “We are excited to be a part of this dynamic team as we help Cross River continue to build on its lead as the best bank and technology partner in the country.”
About Cross River
Cross River Bank is a fast-growing financial services organization that merges the established expertise and traditional services of a bank, with the forward-thinking offerings of a technology company. They combine a compliant and comprehensive suite of products into a unique banking-as-a-platform solution, encompassing lending, payments and risk management. Cross River partners with leading marketplace lenders and fintech companies enabling them to focus on their own growth without hindering innovation. In December 2018, the company secured $100 million in a funding round led by KKR. This was on top of the $28 million VC funding round in 2016 from Battery Ventures, Andreessen Horowitz, and Ribbit Capital. Founded in 2008, 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 on Twitter @crossriverbank.
Media Robert Rendine/Robin Weinberg/Cameron Seligmann Sard Verbinnen & Co. Phone: 212-687-8080 CrossRiver-SVC@sardverb.com