US-based CRB Group, which owns Cross River Bank, has raised $620m in a funding round led by Eldridge and Andreessen Horowitz. 

Funds and accounts advised by T. Rowe Price Investment Management, Whale Rock and Hanaco Ventures along with Cross River’s several existing investors and partners also joined the round. 

Cross River, which provides embedded financial solutions, will use the proceeds to further its technology-focused growth strategy.

Cross River is developing its embedded payments, cards, lending and crypto solutions; investing in its team; focusing on international expansions; building new partnerships and promoting financial inclusion.  

Cross River founder, president and CEO Gilles Gade said: “The quality of the investor group and size of our latest funding make this a landmark transaction in the financial technology arena, and will enable us to accelerate the growth of Cross River as the foundation of modern finance.”

Eldridge co-founder and CEO Todd Boehly said: “As a technology company with the established expertise of a bank, Cross River is providing the essential infrastructure for the future of finance and enabling companies to empower customers with a full suite of fintech solutions.” 

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Andreessen Horowitz general partner of the growth fund David George said: “Cross River enables every company to become a fintech company, a vision we are bullish about at a16z and another reason why we have been committed to Cross River since the early days of the business.”

Currently, 80 firms including Best Egg, Rocket Loans, Stipe and Coinbase use Cross River’s API-based fintech solutions to offer services to consumers and businesses.