Cross River Bank, a fast-growing provider of banking services for financial technology companies, today announced that it has established a partnership with Stripe to help those in the marketplace economy – such as workers in ridesharing, food delivery, and other freelance occupations – by providing them with access to their earnings through push-to-card payments.
The combined API-first platform will improve the way in which ridesharing, food delivery, and independent freelance professionals receive their compensation, pushing earnings to workers whenever needed and helping them manage their day-to-day cash needs more efficiently and effectively.
“Cross River’s partnership with Stripe will fundamentally improve how and when freelance workers are able to receive their compensation,” said Gilles Gade, Founder, President, and CEO of Cross River. “By combining our established banking network with Stripe’s renowned payments platform, we are enabling financial inclusion for this essential workforce by offering them quicker access to their money and more optionality in how they would like to receive it.”
This partnership brings the latest technology to the emerging payment ecosystem, while providing for regulatory compliance and consumer protection. Cross River’s innovative banking approach aligns with Stripe’s mission to grow the GDP of the internet by adding technological muscle built on a regulatory foundation. Together, Cross River and Stripe are providing innovative ways for technology companies to move money and provide easier access to cash.
About Cross River
Cross River Bank is a fast-growing financial services organization that merges the established expertise and traditional services of a bank, with the forward-thinking offerings of a technology company. They combine a comprehensive suite of products into a unique banking-as-a-platform solution, encompassing lending, payments, and risk management. Cross River partners with leading marketplace lenders and fintech companies enabling them to focus on their own growth without hindering innovation. In December 2018, the company secured $100 million in a funding round led by KKR Battery Ventures, Andreessen Horowitz, and Ribbit Capital. Founded in 2008, Cross River is a New Jersey state-chartered FDIC insured bank.