Skip to content

Bank Behind Fintech’s Rise Reels in Billions in Pandemic’s Wake

  • Handling Covid loans to businesses gave Cross River big boost
  • Some of the loans show worrying signs as firm plans expansion
Cross River created loans that generated roughly $1 billion in gross fees for handling US aid.

Cross River created loans that generated roughly $1 billion in gross fees for handling US aid.

Source: iStockphoto/Getty Images

One of the fastest growing banks in the US is on a mission to rewire the industry. It has also touched some nerves.

Cross River Bank began turning heads across the financial realm soon after Congress started unleashing $800 billion in emergency loans to help small businesses survive the pandemic. The little-known 14-year-old suburban New Jersey firm was soon arranging aid faster than almost every other bank.