Fintech Funding: Cross River raises $620M for embedded technology growth

Cross River Bank raised $620 million in a series D round, it announced Wednesday. The funding will go toward developing the bank’s core technology strategy — which centers on embedded finance and cryptocurrency solutions — as well as human capital investments, expansion efforts and strategic partnerships, according to a release. [caption id="attachment_221821" align="alignright" width="300"] Photo by CanStock[/caption] “ Cross River enables every company to become a fintech company, a vision we are bullish about at [ Andreessen Horowitz] and another reason why we've been committed to Cross River since the early days of the business,” David George, general partner at the lead investor, said in a release. “Their technology has unlocked opportunities across the entire fintech ecosystem, providing trusted and efficient integrations to their partners.” The Fort Lee, N.J.-based Cross River holds $5 billion in assets and a $3 billion post-money valuation. Andreessen Horowitz was joined by Eldridge as lead investors, with T. Rowe Price Investment Management , Inc ., Whale Rock and Hanaco Ventures providing additional funding, and FT Partners advising Cross River on the round. Cross River’s clients include Affirm, Best Egg, Checkout.com, Coinbase, Divvy and Freedom Financial . The company has raised $908 million over six funding rounds, according to Crunchbase. Effectiv raises $4M in seed funding Effectiv has raised $4 million to augment its no-code risk management solutions, the company announced Tuesday. The founders of the San Francisco-based Effectiv brought a combined four decades of fraud and risk management experience to the fintech, which has cleared more than $1 billion in loans since adding its founding in April 2021. Effectiv now plans to develop new technologies, expand its U.S. team and bolster its marketing outreach, according to a release. Banks and financial institutions should have access to developer-free anti-fraud solutions, Ritesh Arora, co-founder and president at Effectiv, said in the release. “We are building a platform that is designed from the ground up to be extremely easy to integrate and implement,” Arora said. “Our proprietary AI decides when to optimally use [and pay for] a data signal. Our goal is to help teams manage their risk strategies without relying on developers.” The funding round was led by Accel , with participation from REV and other groups. Yokoy raises $80M for automated spend management Swiss spend-management fintech Yokoy raised $80 million in a series B round, the company announced Tuesday. Yokoy automates invoice, expense and corporate card management for large businesses through a machine learning (ML) and artificial intelligence (AI)-enabled digital platform. The solution streamlines workflow processes and offers end-to-end automation along with analytics and spend control. Matt Miller, partner at lead investor Sequoia Capital , referred to the fintech as “the first software-first company” the firm encountered. Yokoy was founded in 2019. “Businesses across Europe are looking for more efficiency and automation as they work to manage their spending,” Miller said in a statement. Miller added that Yokoy brings “a complete spend management solution to its customers, using automated processes and including cards.” Yokoy plans to use the funding to expand strategically, increase hiring across business areas, and invest in deeper automation solutions. The company has raised $107.8 million across three funding rounds, according to Crunchbase. Egyptian ‘super-app’ Khazna gathers $38M Khazna , a Cairo-based financial services app, announced Thursday that it has raised $38 million in a debt equity round. First entering the market with an earned wage access (EWA) solution in 2020, Khazna provides buy now, pay later (BNPL), mobile banking and wealth management services to underbanked customers throughout the North African country. The funding will be used to grow its Egyptian userbase to 1 million by 2023, along with product and technology development, according to a release. Participants in the round include Speedinvest, Khwarizmi Ventures, Nclude, Algebra Ventures, Accion Venture Lab and Disruptech , while debt funding was provided by Lendable . This is the company's fifth funding round and its first round to clear $1 million, according to Crunchbase.

Fintech Funding: Cross River raises $620M for embedded technology growth

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Fintech Funding: Cross River raises $620M for embedded technology growth

No-code risk management fintech Effectiv nabs $4M in seed funding

From great resignation to great employee experience: Get digital

Movers and Shakers: State Street Digital builds out global leadership team

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