As of 30th July 2020

Baseball Stats

Founded: 2008

Employees: 350

Total Raised: $250M

Valuation: >$1B

https://www.crossriver.com/

Funding

Key Investors

Product / Company description

1. CRB is a New-Jersey state-chartered FDIC insured bank that does commerical real estate lending on own book and persona loans via fintech partner model
2. Famous for its BaaS (Banking as a service) offerings. Lending book provider to many famous startups like Affirm since fintechs cannot make loans on their own due to regulatory issues.
   1. eg. in Affirm's case - these loans are kept on CRB books for sometime before being sold to Affirm itself (sometime CRB keeps 10% of it on its books to show commitment)
   2. “We’re in the moving business, not the storage business,” booms CEO Gade
3. Acquired Seed (sort of neobank for freelancers and SMBs)
   1. Started in 2014, focused on SMB neobanking
4. Famous of aggressive fintech partnerships with strong conviction - Stripe, Coinbase, Affirm,Upstart, Rocket Loans , Upgrade, Gusto, Kabbage lending platform, Veem, Intuit, Circle, Best Egg
5. Collects fees ~0.2 -0.5% for loans for acting as a pass through for fintech partners

Shefa Capital,V Capital,CreditEase,KKR ,LionTree Partners,New Jersey Economic Development Authority,Andreessen Horowitz,,Battery Ventures,Ribbit Capital,Exigent Alternative Capital

Market / Competition

1. Major focus is on BaaS offerings - CRB has early mover advantage and is praised for its tech prowess and nimbleness (hired valley quality devs aggressively & some part is outsourced to Israeli dev firm - Brix Software Ltd)
2. Upcoming competition from other nimble banks like Bancorp, BBVA with open banking offerings & fintech platforms like Cambr/ Synapse / Bond that abstract away the banking partner for easy integration with fintech (some of the CRB edge is being commoditized now)

Metrics/Traction

1. Rev - $96M ('19) [Estimated triangulation of ~30-50bps on Fintech loans = $50-60M, $30-40M from own Real estate loan book]
2. Net assets of $2.5B (July '20)
3. Processed $2.5B loans in '15 to $12B in '19 (total $30B in 10 yrs)
4. Earned ~$160M fees in PPP program by dolling out $5.5B loans via 30 fintech partners
5. ~60% of book is personal loans (via partners)

The Crew

• [CEO] Gilles Gade - Founder, ex CFO - Mortage lender, 15yrs IBD - Bear Stearns / Barclays [[email protected]]
• ex-[CFO] Melissa Ballenger - left within 1 yr (2019-2020)
• [COO] - Kathy Neilson
• [C-Credit-O] Adam Goller - Since inception, ex Fitch ratings/ First Meridian Mortgage
• [CLO] Shimon Eisikowicz - Since inception, ex Astoria bank
• [CRO] - Raul Oseguera - 6yrs at CRB, earlier 22yrs at City National Bank Jersey
• [CoS]/[CorpDev] - Hillel Olivestone - Since inception in diff roles

Customer/Employee Feedback

Employee feedback (via Glassdoor)