Cross River Bank’s valuation rises to $3B

According to TechCrunch, Cross River Bank has raised $620 million in investment at a valuation of more than $3 billion.

Cross River Bank, situated in Fort Lee, New Jersey, is also a digital infrastructure provider that supports loans and payments for many of the fintechs backed by top VCs. Cross River Bank’s revenue — as well as investor interest — has increased in recent years as fintech has exploded.

The financing was co-led by private equity companies Eldridge and Andreessen Horowitz, with participation from T. Rowe Price Investment Management, Whale Rock and Hanaco Ventures, as well as a number of other firms.

It’s a significant increase over the company’s previous funding round, which was $30 million in October 2016 and included Battery Ventures, Andreessen Horowitz (a16z), and Ribbit Capital.

The new transaction is a16z’s third investment in Cross River Bank, with the first being in the company’s first institutional round, which was completed in October 2016 with a $28 million financing that ended up closing at $30 million when other investors added to it. The bank has previously raised a total of $82 million in three rounds of investment.