Acquisition advances shared vision of driving more transparency, standardization, and liquidity for the fintech sector
FORT LEE, N.J.–(BUSINESS WIRE)–CRB Group, Inc., the parent company of Cross River Bank (“Cross River”), a technology-driven financial services organization that provides core infrastructure and embedded financial solutions, today announced that as of the first quarter of 2021, it has wholly acquired Synthetic P2P Holdings Corporation d/b/a PeerIQ (“PeerIQ”), a preeminent data and risk analytics firm that helps institutions analyze, assess and manage risk in the lending sector, as an affiliate of the New Jersey state-chartered FDIC-insured bank. The acquisition will build on Cross River’s comprehensive suite of offerings, enabling clients, partners and investors to benefit from PeerIQ’s leading technology-enabled analytics, ultimately providing more transparency to the marketplace and the industry at large.
“Cross River is constantly adapting to the evolving landscape of financial services with an insatiable thirst to innovate,” said Gilles Gade, Founder, President and CEO of Cross River. “PeerIQ has established itself as a leader in capital markets innovation and our newly expanded offerings will make us even more compelling.”
This deal advances Cross River’s mission of providing access to financial services through its comprehensive, API-based platform with robust regulatory compliance. PeerIQ’s leading technology-enabled analytics platform provides fintechs and banks with access to more resilient capital through enhanced data, enabling greater financial inclusion. Now, with the addition of PeerIQ, Cross River is broadening its offerings to include end-to-end Software-as-a-Service (“SaaS”) technology solutions and advanced portfolio analytics, as well as additional data aggregation and risk management tools.
“We are thrilled to become part of the Cross River family,” said Ram Ahluwalia, Founder of PeerIQ. “With this acquisition, Cross River’s clients, partners and the industry will be able to access PeerIQ’s industry-leading analytics as part of their overall BaaS relationship, and we are excited for our future collaboration.”
As the Cross River and PeerIQ teams integrate, they will focus on incorporating PeerIQ’s platform and building on current offerings to drive future growth. Customers and prospects can expect new and expanded capabilities that show the combined value of the two companies in the coming months.
For more information, please visit www.peeriq.com.
About Cross River
Cross River is a fast-growing financial services organization that merges the forward-thinking offerings of a technology company with the established expertise and traditional services of a bank. Since its founding in 2008, Cross River has developed strategic partnerships with leading technology companies, marketplace lenders and payment providers, while maintaining a strong focus on regulatory compliance and consumer protection. Cross River provides a highly secure, API-based banking platform and comprehensive suite of products encompassing lending, payments, risk management and Banking-as-a-Service (BaaS) offerings to deliver responsible financial solutions that empower businesses and consumers anytime, anywhere. Cross River Bank is a New Jersey state-chartered FDIC insured bank. For more information, please visit Cross River’s website at www.crossriver.com or Twitter @crossriverbank.
About PeerIQ
PeerIQ was founded to bridge the gap between originators, lenders and the capital markets participants in the burgeoning technology enabled lending industry. Aggregating and validating data from numerous sources, PeerIQ combines the data with cash flow analytics, portfolio management tools, reporting services, and independent views on risk so clients can optimize their portfolios and transact with confidence. More information is available at www.peeriq.com.
Contacts
Cross River
Eden Hoffman
Phone: 201-808-7000 x538
ehoffman@crossriver.com
