Funding round
Cross River Growth
Reported as "Growth Equity"
Cross River, which works in API-Driven banking infrastructure development in Teaneck, raised $620M in a Growth round announced on 30 Mar 2022, led by Eldridge and Andreessen Horowitz, at a $3.00B post-money valuation. 5 firms took part. It is Cross River's third venture round on record; the one before was a Series C in Apr 2020.
$620M
Amount raised
$3.00B
Post-money valuation
$2.38B pre-money
5
Investors
2 leads
21%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Cross River at $3.00B after the new money. The $620M bought investors about 21% of the company. It came 23 months after Cross River's Series C. It is 71% of the $870M Cross River has raised in the venture rounds on record. Cross River raised again 48 months later: a Growth round of $50M in Mar 2026, at $3.00B post-money.
Cross River's funding rounds
Cross River has 4 venture rounds on record. This one is highlighted.
Investors
Who put money in
Eldridge and Andreessen Horowitz led the round with 3 other firms.
Lead investors
- Eldridge new investor
- Andreessen Horowitz backs 722 venture-backed companies new investor
Also in the round
- T. Rowe Price new investor
- Whale Rock new investor
- backs 43 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, scaling operations, acquisitions and working capital.
- Hiring
- Product development
- Geographic expansion
- Scaling operations
- Acquisitions
- Working capital
Comparable rounds
How it compares
9 Growth rounds in Banks & ATMs within a year either side disclosed an amount; the median was $101M, and this round was 6.1 times the median. The closest in time, other companies' Growth rounds in Banks & ATMs:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Banks & ATMs | 21 Mar 2022 | $230M | not disclosed | Apax Partners |
| Starling Banks & ATMs | 26 Apr 2022 | $166M | not disclosed | not named |
| Banks & ATMs | 21 Feb 2022 | $101M | not disclosed | BBVA |
| Monzo Banks & ATMs | 7 Jan 2022 | $100M | $4.50B | not named |
| Zopa Banks & ATMs | 19 Oct 2021 | $300M | $1.00B | SoftBank Vision Fund and Softbank |
| Banks & ATMs | 1 Aug 2022 | $30M | not disclosed | not named |
| Varo Banks & ATMs | 9 Sep 2021 | $510M | $2.50B | Lone Pine Capital |
| Zopa Banks & ATMs | 2 Feb 2023 | $93M | $1.00B | Existing Investors |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did Cross River raise in its Growth round?
Cross River raised $620M in its Growth round, announced in Mar 2022.
Who led Cross River's Growth round?
Eldridge and Andreessen Horowitz led it, with T. Rowe Price, Whale Rock and Hanaco.
What was Cross River's valuation at the Growth round?
$3.00B post-money ($2.38B pre-money).
How does it compare with other Growth rounds in Banks & ATMs?
9 Growth rounds in Banks & ATMs within a year either side disclosed an amount; the median was $101M, and this round was 6.1 times the median.
Did Cross River raise again after this round?
Yes: a Growth round in Mar 2026 of $50M at $3.00B post-money.