Cross River Raises $50 Million to Expand Further Into AI, Crypto

Cross River Bank has tapped existing investors for $50 million in fresh capital, as the fintech-focused lender doubles down on artificial intelligence and cryptocurrency, according to a statement reviewed by Bloomberg News.

The company sought to be valued at more than $3 billion in an earlier financing, Bloomberg News reported in 2022. The new investment from funds advised by T. Rowe Price values the bank at a bit more than that, according to a person familiar with the matter who asked not to be identified because the information is private. The exact valuation couldn’t be learned.