US-based banking services provider Cross River Bank has acquired Seed online small business banking technology platform.

The financial details of the transaction were not disclosed.

Under the terms of the agreement, the current Seed team will also migrate into Cross River Bank.

The acquisition of the Seed platform will help Cross River Bank to strengthen its technology and its small business banking offering.

It will enable Cross River Bank to expand its Banking-as-a-Service (BaaS) offerings enabling it to offer additional services to current and prospective clients. Additionally, the company plans to open additional offices on the West Coast at San Francisco and Portland.

Cross River founder, CEO and chairman Gilles Gade said: “This acquisition marks a significant milestone for Cross River that comes on the heels of our recent capital raise.

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“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.

“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.”

Based in the Fort Lee, New Jersey, Cross River Bank is known for partnering marketplace lenders and fintech companies to support their growth.

In December last year, the company raised $100m in a funding round led by KKR.