Agreement strengthens Cross River’s already robust technology infrastructure and advances lending-as-a-service solutions for technology partners and small businesses across the country
Integrating Betterfin’s technology from its funding management tool will enable Cross River, a leading SBA 7(a) loan originator, to leverage its technology stack to scale and accelerate flows end-to-end work for its SBA loan program.
FORT LEE, New Jersey, November 02, 2021–(BUSINESS WIRE)–Cross River Bank (“Cross River”), a technology-driven financial services organization that provides core infrastructure and integrated financial solutions, today announced the acquisition of Betterfin, a transformative finance platform that enables small business owners to access a wide range of financial products and solutions, capital markets data, and manage their own lending and cash flow processes. Post-closing, Betterfin is wholly owned by Cross River’s parent company, CRB Group, Inc. Financial details of the transaction are not disclosed.
“For more than a decade, Cross River has redefined financial services for fintech partners, communities and individuals around the world,” said Gilles Gade, Founder, President and CEO of Cross River. “With the addition of Betterfin, its team of professionals led by Eric Griego, its technology stack and market insights, the combination of our core infrastructure and small business offerings will become another powerful tool in our engine. of growth.”
The acquisition of Betterfin furthers Cross River’s mission to provide access to financial services through its comprehensive API-based platform with strong regulatory compliance. Cross River has a proven track record of providing innovative and scalable solutions for the SMB market, as evidenced by its leading participation in the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) , behind the second highest number of loans across the country. Using Betterfin’s technology, Cross River will transform and reimagine the traditional SBA loan process experience by digitizing the entire flow and creating a more transparent, efficient and technology-driven platform.
“Cross River has always stood out from the pack by being at the forefront of innovation,” said Eric Griego, founder of Betterfin. “We are excited to join a leading technology stack and together expand the ability to help business owners at scale.”
Founded in 2017 by Eric Griego and Dan Gabrieli, Betterfin is a Y Combinator-backed fintech that helps small business owners manage financing and credit. Betterfin has created a loan-as-a-service solution for financial institutions to offer commercial loans. He has developed tools that allow the company to quickly build end-to-end lending workflows for its customers, including a flexible front-end framework and UX, proprietary AI-based lending logic, and system back-end loan management. Betterfin has also created a dashboard for small businesses, providing them with an all-in-one funding management platform, access to financial products, capital markets data, cash management tools and personalized and automated information so they can make informed financial decisions. The Betterfin team will join the growing Cross River team of nearly 700 employees worldwide.
By integrating Betterfin’s talent and technology stack into its existing operations, Cross River is well positioned to become a leading SBA 7(a) initiator, further expanding its comprehensive suite of offerings. Betterfin’s software will fully digitize Cross River’s loan application process, loan origination and underwriting, submission to brokers and handover to closing and servicing partners within the compliance framework it is known for.
About Cross River
Cross River is a rapidly growing financial services organization that fuses the forward-thinking offerings of a technology company with the established expertise and traditional services of a bank. Since its inception in 2008, Cross River has developed strategic partnerships with leading technology companies, market lenders and payment providers, while emphasizing regulatory compliance and consumer protection. Cross River provides a highly secure, API-based banking platform and comprehensive product suite spanning lending, payments, risk management and banking-as-a-service (BaaS) offerings to deliver responsible financial solutions that empower businesses and consumers anytime, anywhere. Cross River Bank is an FDIC-insured bank chartered in the State of New Jersey. For more information, please visit Cross River’s website at www.crossriver.com or Twitter @crossriverbank.
Betterfin was founded in 2017 by Eric Griego and Dan Gabrieli to help business owners understand the relationship between their finances and how lenders decide on business loans. Since 2017, Betterfin has launched a suite of tools to help business owners track cash flow, credit, and work with lenders to secure financing. During the 2020 COVID 19 pandemic, Betterfin launched ReadyRelief, a tool to guide business owners through the PPP application. Since then, they have worked with over half a dozen banks providing SaaS to enable modern digital lending.
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