Cross River Bank, a technology infrastructure provider that offers embedded financial solutions, extended a $150 million senior secured revolving credit facility to Activehours, d/b/a EarnIn, an earnings management company. The facility, structured by Cross River’s principal finance group (PFG), delivers capital to help EarnIn meet demand for its “cash out” product- an earned wage access (EWA) solution.
Cross River is serving as the sole senior secured lender and administrative agent on the facility. The new structure provides EarnIn with flexible financing to meet the demand for EWA.
“Our partnership with EarnIn reflects Cross River’s mission to support inclusive, technology-driven financial solutions,” Rahul Jha, head of PFG, said. “This facility will help EarnIn scale its impact and empower more Americans with timely access to their earnings.”
“Accessing bank capital at this scale underscores the strength of our business model and the maturity of our platform,” Jacopo Lenzi, chief financial officer at EarnIn, said. “Cross River’s deep experience partnering with fintech companies is a key enabler as we expand our impact and deliver affordable, real-time access to earnings for even more people.”
