US-based financial solutions provider Cross River Bank has acquired Betterfin, a financial platform for small businesses.
The financial details of the transaction were not divulged. As agreed, the Betterfin team will also join Cross River.
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Betterfin was founded in 2017 to help small merchants manage financing and credit.
The fintech has progressively launched tools to help the businesses track cash flow, credit and access capital markets data. It also developed lending-as-a-service solution to help lenders offer loans to small businesses.
The acquisition will further deepen Cross River’s offerings for small businesses as well as bolster its technology infrastructure.
Cross River will use Betterfin’s software to fully digitise parts of small business lending process including application, origination and underwriting.
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By GlobalDataNotably, Cross River participated in the Small Business Administration’s (SBA) Paycheck Protection Program (PPP), a business loan programme for certain businesses amid the pandemic.
Betterfin’s technology will also enable Cross River to streamline the SBA loan process.
Cross River founder, president and CEO Gilles Gade said: “For over a decade, Cross River has redefined financial services for fintech partners, communities and individuals around the globe.
“With the addition of Betterfin, its team of professionals led by Eric Griego, its technology stack and market intelligence, the combination of our core infrastructure and small business offerings will become another powerful tool of our growth engine.”
Betterfin founder Eric Griego said: “Cross River has always stood apart from the pack by leading in innovation.
“We are excited to join a cutting-edge technology stack and together expand the ability to help business owners at scale.”
