Cross River Bank (“Cross River”), a leading innovator and provider of banking services for financial technology companies, and Railsbank Technology Limited (“Railsbank”), a leading UK-based open banking and RegTech technology services platform, today announced that they have entered into a partnership arrangement that will provide Railsbank the opportunity to offer a variety of API-powered, banking and payment processing services across the U.S.
“Cross River welcomes Railsbank as one of its key international partners to help provide banking services on a global basis,” said Gilles Gade, Founder, President, and CEO of Cross River. “This partnership enables Railsbank to better serve new and existing global customers and provide them with seamless international use of banking services, including timely, cross-border cash payments and disbursements, while also being introduced to innovative solutions.”
The arrangement will enable Cross River and Railsbank to leverage each other’s existing platforms, allowing for seamless integration and servicing of their respective fintech customer bases across borders and regions. The partnership will enable Railsbank’s customers in the UK and Europe the ability to enter the US through their existing integration with Railsbank.
“This is a hugely significant move for Railsbank as it is the first time that banking-as-a-service is being delivered on both sides of the Atlantic through a single API.” said Nigel Verdon, Co-Founder and CEO of Railsbank. “This partnership not only demonstrates the strength of our proposition – which is being recognized on a global scale – but on an operational level, it provides our customer base with access to a huge market with all the opportunities that entails.”
“We’re delighted that Railsbank’s customers will be supported by the trailblazer of innovation in the US banking market in Cross River,” said Brad van Leeuwen, Head of Partnerships at Railsbank. “Railsbank changed the game for its customers in UK and Europe by providing technology to enable global transactional banking in 5 lines of code and now our customers will be able to expand to the US much faster than was possible before, and at a fraction of the cost.”
On January 29, 2019, Mr. Gade and Mr. Verdon will both participate in a panel discussion called “Disrupted Bank: The Tech Revolution” at the Paris FinTech Forum at 8:20 a.m. ET (1:20p.m. GMT).
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. It combines 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.