Agreement strengthens Cross River’s already strong technology infrastructure and advances loan-as-a-service solutions for technology partners and small businesses across the country
The integration of Betterfin’s technology from its finance management tool will allow Cross River, a leading SBA 7 (a) loan originator, to leverage its technology stack to expand and accelerate the flow of funds. 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 financial 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. After closing, Betterfin is 100% owned by Cross River’s parent company, CRB Group, Inc. Financial details of the transaction are withheld.
“For more than a decade, Cross River has redefined financial services for financial technology 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 knowledge, the combination of our core infrastructure and our small business offerings will become another powerful tool in our business engine. growth. “
The acquisition of Betterfin strengthens 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 delivering innovative and scalable solutions to the SMB market, as evidenced by its leading participation in the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”). ), responsible for the second highest number of loans across the country. With technology from Betterfin, Cross River will transform and reinvent the traditional experience of the SBA loan process 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 a leader in innovation,” said Eric Griego, founder of Betterfin. “We are excited to join a cutting edge technology stack and together expand the ability to help large-scale business owners. “
Founded in 2017 by Eric Griego and Dan Gabrieli, Betterfin is a Y Combinator-backed fintech that helps small business owners manage finance and credit. Betterfin has created a loan as a service solution for financial institutions to provide business loans. He has developed tools that enable the business to quickly build end-to-end lending workflows for their clients, including a flexible front-end framework and user experience, proprietary AI-based lending logic, and a system back-end loan management. Betterfin has also created a dashboard for small businesses, providing them with an all-in-one finance 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 Cross River’s growing 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 major initiator of SBA 7 (a), further expanding its full range of offerings. Betterfin’s software will fully digitize Cross River’s loan application process, loan origination and underwriting, broker submission, and transfer to closing and service partners under the compliance framework for which it is known.
About Cross River
Cross River is a fast growing financial services organization that merges the forward thinking offerings of a technology company with the established expertise and traditional services of a bank. Since its founding in 2008, Cross River has developed strategic partnerships with leading technology companies, market lenders and payment providers, while maintaining a strong focus on regulatory compliance and consumer protection. Cross River provides a highly secure API-based banking platform and a comprehensive suite of products encompassing loans, 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 and licensed by the State of New Jersey. For more information, please visit the Cross River 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 COVID 19 pandemic of 2020, Betterfin launched ReadyRelief, a tool to guide business owners through the PPP app. Since then, they’ve worked with over half a dozen banks providing SaaS to enable modern digital lending.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211102005426/en/
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