Cross River, a technology-focused financial services organization and banking-as-a-service provider, will be powering SeedFi’s Credit Builder and Borrow and Grow Plan products through its banking and technology platform. Cross River also will provide debt financing through its direct lending group as part of the partnership.
“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,” Gilles Gade, founder, president and CEO of Cross River, said. “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.”
Cross River and SeedFi will provide financial products aimed at helping individuals in underserved communities build credit, increase savings and access money when they need it. Cross River will deliver the banking services to support these offerings, including savings accounts, ACH payment services and loan origination.
“Cross River fully supports and believes in SeedFi’s mission to help Americans break the cycle of debt and realize their financial potential,” Jim McGinley, co-founder and CEO of SeedFi, said. “The partnership will allow us to more efficiently deliver an exceptional suite of financial products to our customers.”
Additionally, Cross River provided a $50 million debt facility to SeedFi as part of the new partnership. Cross River’s direct lending group originated the facility. The group focuses on providing credit facilities and forward flow purchase arrangements to early-stage fintechs.
“Our lending group aims to provide capital to innovative fintech companies who share Cross River’s ambition of maximizing financial inclusion, and SeedFi is an excellent example of exactly that kind of company,” Rahul Jha, head of strategic direct lending at Cross River, said. “We’re proud to support SeedFi’s growth with this credit facility, and we’re excited to play a role in bringing responsible financial products to consumers in need.”
