Cross River Bank in Fort Lee, N.J., has formed a venture capital division to invest in fintechs and other startups.
The $13.5 billion-asset company said that Cross River Digital Ventures will also evaluate companies involved with lending, payments and investing. The bank already serves as the regulated financial institution for several fintechs.
“Cross River already powers some of the largest companies in fintech and this new endeavor will help us identify and make additional strategic investments,” Gilles Gade, the bank’s chairman and CEO, said in a Thursday press release.
“Similar to Cross River, we are looking for special companies that are trying to change the world through innovation,” Gade added.
The division has already invested in Innovative Assessments, a fintech that uses psychometrics to personalize financial services and promote financial inclusion; Lev, a technology-focused commercial real estate financing advisory firm; and Finix Payments, a payments infrastructure provider.