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New York, Feb. 20, 2018 -- Cross River, an established financial services company, and PeerIQ, a leading consumer loan data analytics provider, announced today a strategic partnership that will streamline capital sourcing between non-bank lenders and institutional loan buyers. The new effort will combine Cross River’s capital, technology, and robust regulatory compliance processes with PeerIQ’s risk management platform, loan/borrower data sets, and data verification tools to enable community banks and other loan buyers to more easily access the sector.
A leading loan originator and provider of capital to marketplace lending platforms, Cross River has developed a full suite of sourcing initiatives for the sector, including partnering on loan origination, extending warehouse lines and placing secondary loan pool sales—often to other community banks looking to access loans. Backed by investors such as Battery Ventures, Ribbit Capital and Andreesen Horowitz, Cross River has always sought to utilize leading technologies to streamline the movement of capital in a manner that meets the stringencies of the FDIC regulatory and compliance framework.
“Cross River is continuously investing in internal-facing technology that will enhance our ability to ensure strict regulatory compliance and adhere to consumer protection,” said Geoffrey Kott, EVP, Head of Finance and Strategy at Cross River. “PeerIQ’s risk management platform—with its leading loan-level analytics and monitoring capabilities, credit facility management toolkit, and full integration of TransUnion data—will both augment our internal capabilities and provide best-in-class loan-level monitoring tools for our clients and partners.”
“Cross River is a major hub for the entire marketplace lending sector and a natural partner for PeerIQ,” added Ram Ahluwalia, CEO of PeerIQ. “The risk management and regulatory compliance solutions we’re bringing to market will not only unlock new capital, but hopefully do much to establish best practices in loan-level transparency for the industry.”
About Cross River
Founded in 2008, Cross River is a New Jersey State Chartered FDIC-insured bank. In 2016, the company secured $28 million VC funding from three well-regarded investors (Battery Ventures, Andreessen Horowitz, and Ribbit Capital) and has developed strategic partnerships with FinTech leaders to build fully compliant and integrated solutions for the marketplace lending and payment processing arenas. As disintermediation and financial independence increasingly fuel the new economy, Cross River is uniquely positioned to service both the established giants and the growing list of new entrants into these sectors. Corporate website: www.crossriverbank.com.
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.
Cross River Randi Schochet [email protected] PeerIQ Kevin Walsh [email protected]
