CRB Group in Fort Lee, N.J., has raised $50 million to fuel growth initiatives at Cross River Bank.
The company said in a press release that the funding round included existing investors, including accounts advised by T. Rowe Price Investment Management.
“We’re proud to announce that T. Rowe Price deepened its investment in Cross River,” Gilles Gade, Cross River’s founder, chairman and CEO, said in a release. “We thank T. Rowe Price for their support of Cross River’s strategy of embedded finance 2.0, the bundling of crypto, lending, payments, and cards on one platform with a sophisticated AI layer to deliver innovative solutions with exceptional compliance and risk management.”
The capital raise positions Cross River to scale its crypto capabilities, accelerate its AI and global expansion strategy, deepen strategic partnerships, and develop new products.
CRB Securities and Sullivan and Cromwell advised CRB Group.