UK-based fintech Revolut has selected Cross River Bank as its infrastructure technology provider to build and scale its operations in the US.
Revolut will leverage Cross River’s embedded finance technology to offer the first personal loan offering to its US customers.
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The tie-up will see Revolut launch additional credit offerings in the coming months to bolster its presence as a financial super-app in the US.
Notably, the $33bn fintech is also gearing for launch in Brazil, which is Latin America’s largest market.
Revolut US head of lending Tarun Bhushan said: “At Revolut, we are building the world’s first global financial super-app so the move into credit and personal loans is a natural next step. Revolut has developed technology to provide loans instantly to approved customers, with no origination fees – so customers can get the credit they need, when they need it.
“We are thrilled to partner with Cross River to offer US consumers an even more diverse range of financial services with the launch of our intuitive and hassle-free personal loan product.”
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By GlobalDataCross River EVP and head of fintech banking Adam Goller said: “At Cross River, we are always looking for new and innovative ways to provide access to credit.
“Our partnership with Revolut is instrumental in facilitating responsible financial solutions to consumers, and we are excited to be powering Revolut’s U.S. expansion.”
Cross River’s partnership with Revolut comes shortly after the firm raised $620m in funding from Eldridge and Andreessen Horowitz, among others.
