Cross River Bank has raised nearly $100m in a funding round led by private equity firm KKR.

On its own, KKR invested $75m.

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The round was also joined by new investors CreditEase and Lion Tree Partners. Also existing financiers Battery Ventures, Andreessen Horowitz and Ribbit Capital.

Cross River chairman and CEO Gilles Gade said: “We are very pleased that our growth and progress has the endorsement of leading investors such as KKR.

“We also welcome new investors CreditEase and Lion Tree Partners and are especially grateful for the continued confidence of our previous investors Battery Ventures, Andreessen Horowitz and Ribbit Capital.”

The new Cross River funding round follows a $28m venture capital raised in late 2016.

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How will Cross River use the money? 

The Cross River funding will be used to support its growth in the US as well as across the world.

The company is also planning to strengthen its technology and product development teams and support improvement works on the banking platform which offers banking technology and compliance solutions to fintech companies.

Cross River background:

Established in 2008, Cross River is a New Jersey state-chartered FDIC insured bank. It utilises new technologies and expertise to develop various solutions for fintech companies.

Additionally, Cross River has collaborated with fintech majors to build new products for lending and payment processing segments.

It also enables various fintech companies to leverage certain banking infrastructure without securing a federal banking licence.