The parent company of Cross River Bank in Fort Lee, N.J., has acquired a data and risk analytics firm.
CRB Group said in a press release Wednesday that it bought Synthetic P2P Holdings, which operates as PeerIQ. The company helps fintechs and banks analyze, assess and manage risk in the lending sector.
CRB, which did not disclose the price it paid, said the acquisition will build on the $13.5 billion-asset Cross River’s existing product offerings.
“Cross River is constantly adapting to the evolving landscape of financial services with an insatiable thirst to innovate,” Gilles Gade, the bank’s president and CEO, said in the release. “PeerIQ has established itself as a leader in capital markets innovation and our newly expanded offerings will make us even more compelling.”
PeerIQ was formed in 2014 with backing from investors that included Bloomberg CEO Dan Doctoroff, former Morgan Stanley CEO John Mack and former Citigroup CEO Vikram Pandit. Cross River has worked with PeerIQ since 2018.
CRB bought Seed, a small-business banking fintech, in 2019.