Funding round
Cross River Growth
Reported as "Growth Equity"
Cross River, which works in API-Driven banking infrastructure development in Teaneck, raised $100M in a Growth round announced on 6 Dec 2018, led by KKR. 6 firms took part. It is Cross River's first venture round on record.
$100M
Amount raised
Not disclosed
Post-money valuation
6
Investors
1 lead
Valuation
What this round says about the price
Cross River did not disclose a valuation in this round. It is Cross River's first venture round on record, 10 years after it was founded in 2008. It is 11% of the $870M Cross River has raised in the venture rounds on record. Cross River raised again 16 months later: a Series C round of $100M in Apr 2020. Its next priced round, a Growth in Mar 2022, valued it at $3.00B.
Cross River's funding rounds
Cross River has 4 venture rounds on record. This one is highlighted.
Investors
Who put money in
KKR led the round with 5 other firms.
Lead investor
- KKR backs 104 venture-backed companies new investor
Also in the round
- CreditEase new investor
- backs 24 venture-backed companies new investor
- Battery Ventures backs 215 venture-backed companies new investor
- Andreessen Horowitz backs 722 venture-backed companies new investor
- Ribbit backs 126 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, scaling operations and working capital.
- Hiring
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
6 Growth rounds in Banks & ATMs within a year either side disclosed an amount; the median was $77M, and this round was 1.3 times the median. The closest in time, other companies' Growth rounds in Banks & ATMs:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Banks & ATMs | 4 Dec 2018 | $30M | not disclosed | not named |
| Zopa Banks & ATMs | 9 Nov 2018 | $78M | not disclosed | not named |
| Banks & ATMs | 7 Mar 2019 | $25M | not disclosed | not named |
| Monzo Banks & ATMs | 25 Jun 2019 | $144M | $2.55B | Y Combinator |
| Banks & ATMs | 22 May 2018 | $90M | not disclosed | not named |
| Banks & ATMs | 15 Jan 2018 | $75M | not disclosed | not named |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Cross River raise in its Growth round?
Cross River raised $100M in its Growth round, announced in Dec 2018.
Who led Cross River's Growth round?
KKR led it, with CreditEase, LionTree, Battery Ventures, Andreessen Horowitz and Ribbit.
What was Cross River's valuation at the Growth round?
It was not disclosed.
How does it compare with other Growth rounds in Banks & ATMs?
6 Growth rounds in Banks & ATMs within a year either side disclosed an amount; the median was $77M, and this round was 1.3 times the median.
Did Cross River raise again after this round?
Yes: a Series C round in Apr 2020 of $100M.