The New York Times is reporting that fintech companies have helped out many small businesses that were struggling during the...
PayTile, an 'airdrop for cash' geolocation-based payments system partnered with Cross River to enable users to send p2p privately.
As the sun sets on 2020 and we look back at this past year nearly everything is viewed through the...
Cross River Bank is looking at new opportunities in business payments; Ben Isaacson of Cross River Bank stated, “Payroll is predominantly set up for traditional salary, ‘regular’ employees. There’s a real opportunity to innovate on that front; businesses can change how their employees get paid to be more consistent with how they’re working.”; they are also looking at how they can better improve payments to suppliers for their customers; Cross River Bank currently works with some of the biggest names in fintech and prides itself as being a technology-first bank. Source
Making news this week were First Republic Bank, Shopify, Cross River Bank, Wise, Coinbase, Binance.US, Klarna, First Republic Bank, Nubank, Congress and more.
In this week’s PeerIQ Industry Update they look at the record levels of consumer debt, some regulatory changes, new securitizations and give an update on recent hirings; consumer credit is now at an all time high surpassing $1tn, though per capita levels remain below peak; the Trump administration is looking to revise the Community Reinvestment Act rules to include small business loans; Marlette’s newest securitization, MFT 2018-1, consists of loans originated by Cross River bank for over $390mn and it has received ratings from Kroll; PeerIQ also announced the hiring of 6 new employees as the company continues to grow. Source.
On March 30, banking investor Cross River announced another successful funding round of $620 million, co-led by Andressen Horowitz and Eldridge Capital.
PeerIQ provides insight on Cross River Bank and its $28 million investment from venture capitalists; the deal highlights Cross River Bank’s partnerships with marketplace lenders and provides a leading example for how banks can seek to gain from online lenders while also mitigating true lender risk; Cross River Bank likely to set a precedent for banking investment in MPL loans; success with marketplace lending partnerships has helped it to achieve a return on equity of 26.5% versus 9.8% for FDIC-insured institutions. Source
In this week’s PeerIQ Industry Update they cover the mixed economic news at the end of 2019 into early 2020;...
With the fintech world gathering in Las Vegas this week for Money20/20 there was quite a lot of fintech news.