After canvasing the white-hot fintech landscape, three prominent Silicon Valley venture capital firms have decided to invest $28 million in—wait for it—a deposit-taking New Jersey bank. Huh?
If that news leaves you scratching your head, take a minute to look at the infrastructure underpinning our financial system. Payments companies, from credit card players like Visa to mobile apps like Venmo, rely on banks to complete transactions. And Cross River Bank, founded in 2008, has won over investors and fintech partners thanks to software that enables same-day settling of transactions.
That’s not all. According to Fortune, Cross River has also been building a digital-only bank called “Almond” for about a year.