Cross River Bank, a technology infrastructure provider that offers embedded financial solutions, upsized its existing revolving credit facility with Upgrade from $150 million to $250 million. The facility, structured by Cross River’s principal finance group (PFG), is secured by personal credit line (PCL) assets.
This facility upsize represents the latest milestone in a multi-year partnership between Cross River and Upgrade.
“This expansion underscores our strategy of aligning capital solutions with our partners’ growth,” Noah Cooper, chief investment officer, head of capital solutions group at Cross River, said. “We’re committed to delivering the flexible financing that Cross River’s banking-as-a-service and marketplace lending partners need to scale.”
The companies’ partnership expands beyond credit facilities, with collaboration on innovative and highly successful products like rewards checking, upgrade card and home improvement loans. Together, the two share a mission to deliver products that put consumers first and empower individuals to take control of their financial future.
“Upgrade continues to set the standard for innovation in consumer credit,” Drew Friedberg, vice president, PFG at Cross River, said. “We’re proud to provide capital that enables Upgrade to scale their impact and serve more mainstream consumers.”
Kunal Shah, vice president, capital markets execution at Upgrade, added, “We are thrilled to deepen our relationship with Cross River Bank through this upsized facility on the Upgrade Card program. Their team has been a consistent partner in supporting the rapid growth of Upgrade. This upsizing is a testament to the strength of our platform, allowing us to continue delivering responsible and affordable credit to millions of mainstream consumers and delivering exceptional value to our customers.”
