Business software

Cross River acquires small business software provider Betterfin

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Cross River Bank expands its mission of providing access to financial services with a new acquisition.

On November 2, the Fort Lee-based lender announced it had acquired Betterfin, a financial platform that provides small business owners with a range of financial products, capital market data and the ability to manage their own processes. loan and cash flow.

Betterfin is now 100% owned by Cross River’s parent company, CRB Group Inc. Its team joins Cross River’s approximately 700 employees worldwide.

Financial terms of the deal were not disclosed.

Cross River Bank Founder and CEO Gilles Gade delivers remarks at a celebration for the company’s new headquarters in Fort Lee on April 29, 2021. – CROSS RIVER BANK

“For more than a decade, Cross River has redefined financial services for fintech partners, communities and individuals around the world,” said Cross River Founder, President and CEO Gilles Gade in a communicated. “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. “

In its announcement, Cross River said the addition of Betterfin would see the bank reinvent the Small Business Administration’s lending process to digitize the entire workflow and create a more efficient, technology-driven platform. Loan requests, set-up and subscription; broker quote; and transfer to closing and service partners will all be digitized.

Under the SBA’s paycheck protection program, Cross River has made the second-highest number of loans nationwide, the bank said.

“Cross River has always stood out from the crowd by being at the forefront of innovation,” Betterfin founder Eric Griego said in a statement. “We are excited to join a cutting edge technology stack and together expand the ability to help large-scale business owners. “

Fintech Betterfin was founded in 2017 by Griego and Dan Gabrieli. The company backed by Y Combinator has created a loan-as-a-service solution that enables financial institutions to offer commercial loans, Cross River said.

Betterfin’s tools enable the business to create end-to-end lending workflows for clients, which include a flexible front-end framework and user experience, proprietary AI-based lending logic, and back-end loan management.

In June, Cross River announced its acquisition of data and analytics company PeerIQ.

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