TechFlow News, March 31: According to Bloomberg, U.S.-licensed bank Cross River Bank has completed a $50 million funding round, with capital sourced from funds managed by T. Rowe Price. The proceeds will be used to further expand its artificial intelligence and cryptocurrency businesses.
Following this funding round, Cross River Bank’s valuation stands slightly above $3 billion. According to sources familiar with the matter, the exact valuation was not disclosed. Bloomberg previously reported in 2022 that the company sought a valuation exceeding $3 billion in its early-stage financing. This round involved existing investors only and did not bring in new shareholders. Cross River Bank’s core business focus is serving fintech companies.
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