Cross River, a bank that delivers advanced financial and compliance products/services to the fintech industry, announced on Monday it has acquired Seed, an online small business banking technology platform. Through the acquisition, a new platform will build on Cross River’s growing suite of innovative Banking-as-a-Service (BaaS) solutions.
“As part of the transaction, Cross River will also acquire members of the current Seed team with plans to open additional offices on the West Coast. Terms and conditions for the transaction were not disclosed.”
Speaking of the acquisition, Gilles Gade, founder, CEO and Chairman of Cross River, stated:
“This acquisition marks a significant milestone for Cross River that comes on the heels of our recent capital raise. It allows us to further strengthen our position as a leading provider of fintech solutions as we continue building and enhancing a complete banking platform where companies can leverage best-in-class banking technologies with compliance excellence. The strength of Seed’s leadership is undeniable, and we are excited to extend Cross River’s growth trajectory with this acquisition as we bring on the Seed team and work together to expand our capabilities and offerings.”
Cross River also revealed that the acquisition will help it expand its BaaS offerings, providing additional services for both current and prospective clients.
“This provides Cross River with the opportunity to grow and expand its existing technology, and to ramp up its small business banking solutions. Cross River will be developing an integrated product and will begin offering it in the coming months.”
Brian Merritt, Co-founder and CEO of Seed, went on to add:
“We extend a huge thank you to Gilles and the Cross River Board for believing in us. We are excited to be a part of this dynamic team as we help Cross River continue to build on its lead as the best bank and technology partner in the country.”