Cross River Bank close to deal giving valuation of over $3B – Bloomberg News

Fort Lee, N.J.-based Cross River Bank is close to a deal allowing it to raise over $600 million, which would give it a valuation of more than $3 billion, Bloomberg News reported March 17, citing people with knowledge of the matter.

Eldridge Industries LLC and Andreessen Horowitz LLC will co-lead the funding round, and T. Rowe Price Group Inc. and Whale Rock Capital Management LLC will be among the participants, said some of the people, according to the report.

The bank works with financial technology companies and offers fintech startups loan origination services, Bloomberg News noted in its report. The regional lender's partners include Coinbase Global Inc., Affirm Holdings Inc., Stripe Inc., Upstart Network Inc. and Rocket Loans, the report said, citing the company's website.

Cross River Bank raised about $100 million in funding in 2018 and $28 million from a growth-equity investment in 2016.

A representative for Cross River Bank and spokespeople for Eldridge, T. Rowe and Whale Rock reportedly declined to comment, while Andreessen Horowitz did not immediately respond to the news outlet's request for comment.