Cross River Bank, a technology-driven financial infrastructure provider powering embedded banking and marketplace lending solutions, has expanded its existing revolving credit facility with Upgrade from $150 million to $250 million. The upsized facility, structured by Cross River’s Principal Finance Group (PFG), is backed by personal credit line (PCL) assets and marks another significant step forward in the companies’ long-standing partnership.
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The expanded facility reflects the continued growth of Upgrade’s consumer lending platform and underscores Cross River’s role as a strategic capital partner for fintech innovators. Over the years, the collaboration between the two companies has evolved beyond credit financing to include successful product initiatives such as Rewards Checking, the Upgrade Card, and home improvement loan offerings. Together, they share a commitment to delivering accessible, responsible financial solutions that empower consumers to take greater control of their financial lives.
Noah Cooper, Chief Investment Officer and Head of Capital Solutions Group at Cross River, said the facility expansion aligns directly with the bank’s strategy of providing tailored capital solutions that grow alongside its partners. He emphasized that Cross River remains focused on delivering flexible financing structures that support Banking-as-a-Service and marketplace lending partners as they scale.
Drew Friedberg, Vice President of Cross River’s Principal Finance Group, added that Upgrade continues to demonstrate innovation within consumer credit. He noted that Cross River is proud to provide the capital foundation that allows Upgrade to expand its reach and serve more mainstream consumers with responsible credit products.
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Upgrade, a fintech company dedicated to offering affordable and transparent credit and banking products, has supported millions of customers in achieving their financial goals through technology-enabled solutions. Kunal Shah, Vice President of Capital Markets Execution at Upgrade, described the upsized facility as a testament to the strength of the company’s platform and the depth of its relationship with Cross River. He highlighted that the expanded credit capacity will allow Upgrade to continue scaling the Upgrade Card program and delivering exceptional value to its growing customer base.
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This latest expansion reinforces Cross River’s position as a long-term capital partner, providing structured balance sheet solutions that enable sustainable growth. By strengthening existing relationships and increasing credit capacity, Cross River continues to demonstrate its commitment to responsible expansion and innovation within the fintech ecosystem.
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