Cross River Bank, a prominent technology infrastructure provider that offers embedded financial solutions, today confirmed that the company has collaborated with Revolut, one of the most valuable fintech startups in the world with more than 18 million customers worldwide.
The partnership will enhance Revolut’s presence in the US market through Cross River's technology and regulatory infrastructure. According to Cross River, the aim of the latest collaboration is to deliver more affordable access to credit.
Cross River noted that the partnership will open up the first US-based consumer personal loans for the clients of Revolut. In the coming months, the company is planning to launch further credit offerings to facilitate clients.
“At Revolut, we’re building the world’s first global financial superapp so the move into credit and personal loans is a natural next step. Revolut has developed technology to provide loans instantly to approved customers, with no origination fees, so customers can get the credit they need, when they need it,” said Tarun Bhushan, Revolut’s US Head of Lending. “We’re thrilled to partner with Cross River to offer U.S. consumers an even more diverse range of financial services with the launch of our intuitive and hassle-free personal loan product.”
Since the start of 2021, Revolut has expanded its presence significantly across different regions. In February 2022, the fintech company enhanced its offerings for Aussie clients with the launch of stock trading services.
Expansion
In the recent announcement, Revolut highlighted the importance of innovative fintech products in the financial services industry. According to the company, it is planning to give more control to consumers through technology-driven services. Revolut noted that its recent partnership with Cross River will bolster its global financial super app in the US market.
“At Cross River, we’re always looking for new and innovative ways to provide access to credit,” said Adam Goller, the EVP and Head of Fintech Banking at Cross River. “Our partnership with Revolut is instrumental in facilitating responsible financial solutions to consumers, and we’re excited to be powering Revolut’s U.S. expansion.”
