Financial health startup SeedFi with offices in New York and San Francisco has strategically partnered with Cross River, a FDIC insured bank based in Fort Lee, New Jersey that offers technology expertise to its clients in combination with traditional bank services. Cross River will power SeedFi’s new Credit Builder and Borrow & Grow Plans through its banking and technology platform, in addition to providing a $50 million debt facility for SeedFi to expand its services.
Cross River has a Strategic Direct Lending Group that develops partnering relationships such as the one just launched with SeedFi. The team builds off an API-based banking platform and suite of products that includes risk management and Banking-as-a-Service (BaaS). Financial services technology is Cross River’s sweet spot—particularly helpful to early-stage fintech ventures that tap into its tailored products and services. By also providing timely access to capital, growth bumps experienced by most early stage companies are more easily smoothed over.
Cross River supports SeedFi’s mission to provide affordable financial products to those living in underserved communities, helping them to achieve financial health by establishing credit, increasing their savings and gaining access to money when they need it. Cross River’s partner role includes banking services such as savings accounts, ACH payment services and loan origination.
“This natural partnership will help Americans reach and realize their potential, as they both build and gain access to credit while saving for the future,” said Gilles Gade, Founder, President and CEO of Cross River. “We are accelerating economic inclusion and empowering the next generation by utilizing our latest proprietary financial technology, a robust set of APIs and capital markets expertise, all under one roof.”
SeedFi’s financial plans help American consumers learn how to better manage their money by instilling in them long-term saving habits and importantly building their credit that enables them to plan for their future. The SeedFi-Cross River partnership enables each partner to do what they do best.
“Cross River fully supports and believes in SeedFi’s mission to help Americans break the cycle of debt and realize their financial potential,” said Jim McGinley, co-founder and CEO of SeedFi. “The partnership will allow us to more efficiently deliver an exceptional suite of financial products to our customers.”
Read about the $19 million in equity funding SeedFi raised from top venture capital firms
