MIAMI–(BUSINESS WIRE)–Idea
Financial, a leading small business lender, announced that it
successfully closed a $70 million warehouse facility with Cross
River Bank (“Cross River”), a pioneering provider of banking
services for financial technology companies. This is Cross River’s first
commercial warehouse facility and Idea Financial’s first domestic
financing partnership.
“This financing will allow Idea Financial to scale and marks the
beginning of a very important strategic relationship between Cross River
and Idea Financial,” said Justin Leto, co-founder and CEO of Idea
Financial. Larry Bassuk, co-founder and President of Idea Financial,
added: “With this facility in place, Idea Financial will continue
providing competitively priced financing solutions so our small and
medium sized business clients can grow and thrive.”
The facility was originated by Cross River’s Strategic Financing
Solutions Group, a specialized team focused on providing warehouse,
forward flow, and direct lending services to empower the growth of
fintech lenders.
“The addition of Idea Financial to our Capital Markets portfolio further
fortifies our commitment and ability to provide best-in-class capital
markets services and solutions to the fintech community and beyond,”
said Gilles Gade, Founder, President, and CEO of Cross River.
About Idea Financial
Idea Financial is a digital small-business lender that provides Main
Street businesses with the financial resources they need to charge their
businesses forward. Idea Financial’s online platform allows a small
business owner to apply for, and receive, up to $250,000 of financing in
less than one day. For more information, visit: http://www.ideafinancial.com.
About Cross River
Cross River is a fast-growing financial services organization that
merges the established expertise and traditional services of a bank with
the forward-thinking offerings of a technology company. They combine a
compliant and comprehensive suite of products into a unique
banking-as-a-platform solution, encompassing lending, payments, and risk
management. Cross River partners with leading marketplace lenders and
fintech companies, enabling them to focus on their own growth without
hindering innovation. Founded in 2008, Cross River is a New Jersey
state-chartered FDIC insured bank. For more information, please visit
Cross River’s website at www.crossriver.com
or the company’s Twitter @crossriverbank.
Contacts
Media Contact:
Robin Bectel
REQ for Idea Financial
703-244-2242
[email protected]
