Cross River Bank has acquired Betterfin, a software provider for small businesses, according to a press release issued Tuesday by the Fort Lee-based banking and fintech company. After closing, Betterfin will be 100% owned by Cross River’s parent company, CRB Group Inc.
Financial details of the transaction are not disclosed.
The agreement strengthens Cross River’s technology infrastructure and advances lending-as-a-service solutions for technology partners and small businesses across the country and manages their own lending and cash flow processes.
Founded in 2017 by Eric Griego and Dan Gabrieli, Betterfin is a financial platform that gives small business owners access to a wide range of financial products and solutions, to capital markets data. Betterfin has developed tools that allow the company to quickly build end-to-end lending workflows for clients, including a flexible front-end framework and user experience, proprietary AI-powered lending logic and a back-end loan management system.
“For more than a decade, Cross River has redefined financial services for fintech partners, communities and individuals around the world,” said Gilles Gade, Founder, CEO and Chairman 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.”
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. 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.
“Cross River has always stood out from the pack by being at the forefront of innovation,” Griego said. “We are excited to join a leading technology stack and together expand the ability to help business owners at scale.”