PeerIQ Announces Partnership with Cross River Bank
PeerIQ, the New York-based software company that provides analytics and risk management services to lenders, announced today a partnership with Cross River, a New Jersey State Chartered FDIC-insured bank.
“Cross River is one of the most innovative banks I’ve seen,” PeerIQ CEO and co-founder Ram Ahluwalia told deBanked. “They have technology that enables same-day settlement of payments transactions, which is really novel.”
Ram is also excited that Cross River’s customers are technology companies, like Coinbase, and fintech lenders. This new partnership means that Cross River will now start to use some of PeerIQ’s software products.
“[Cross River] is incorporating technology innovation to rethink the banking experience,” Ahluwalia said.
Ahluwalia explained that Cross River is the lender of record for about 15 platforms, including Marlette and loanDepot, so it is therefore “in a very unique position in the lending ecosystem.”
Founded in 2015, PeerIQ employs 36 people at its Manhattan office and completed a $12 million Series A at the end of August. Founded in 2008, Cross River is backed by investors including Battery Ventures, Ribbit Capital and Andreesen Horowitz.
Last modified: February 20, 2018
Todd Stone is a reporter for deBanked.