Cross River Bank, a technology infrastructure provider, has upsized its revolving credit facility with Upgrade, Inc. from $150 million to $250 million. The facility, structured by Cross River’s Principal Finance Group (PFG) and secured by personal credit line (PCL) assets, is designed to support the continued scaling of Upgrade’s consumer lending platform.
This expansion marks a new milestone in the multi-year partnership between Cross River and Upgrade. Noah Cooper, Chief Investment Officer and Head of Capital Solutions Group at Cross River, stated that the expansion underscores the bank’s strategy of aligning capital solutions with its partners’ growth. He affirmed Cross River’s commitment to delivering flexible financing for its Banking-as-a-Service and Marketplace Lending partners to scale.
The collaboration between the two companies extends beyond credit facilities to include product development for offerings such as Rewards Checking, Upgrade Card, and home improvement loans. Both companies share a mission to deliver products that empower consumers financially.
Drew Friedberg, VP of the Principal Finance Group at Cross River, noted that Upgrade continues to set the standard for innovation in consumer credit. He expressed pride in providing capital that enables Upgrade to expand its impact and serve a broader base of mainstream consumers.
Upgrade is a fintech company that offers affordable credit and banking products. Since its founding in 2017, Upgrade has provided over $45 billion in credit to more than 7.5 million customers through technology-driven financial products. Kunal Shah, VP of Capital Markets Execution at Upgrade, expressed enthusiasm for deepening the relationship with Cross River Bank through this upsized facility for the Upgrade Card program. Shah highlighted Cross River’s consistent support for Upgrade’s rapid growth and cited the upsizing as evidence of the platform’s strength, enabling the delivery of responsible credit to consumers.
This facility expansion reinforces Cross River’s position as a strategic capital partner, providing long-term value to clients through various balance sheet solutions. By strengthening existing relationships and expanding credit capacity, Cross River maintains its focus on supporting partners’ responsible growth.
