November 2, 2021
Cross River Bank, the Fort Lee-based technology-driven financial services organization, announced the acquisition of Betterfin, a financial platform that provides small business owners with access to a wide range of products and services. financial solutions, capital market data and manage their own loans. 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 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 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 that enables financial institutions to offer commercial 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.
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