Internship
API-driven banking services for FinTechs
$15 - $25/hr
Edgewater, NJ, USA
This internship will have a hybrid schedule in our Fort Lee, NJ office.
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Cross River Bank combines traditional banking with technology, offering a range of services through its API-driven platform, the Cross River Operating System. This platform allows FinTech companies to easily integrate customizable banking services, including payment solutions and loan origination. Unlike its competitors, Cross River focuses on 'Banking as a Platform,' providing the infrastructure for others to build financial products. The company's goal is to support small businesses and FinTech firms while ensuring compliance with regulatory standards.
Company Size
1,001-5,000
Company Stage
Late Stage VC
Total Funding
$954M
Headquarters
Fort Lee, New Jersey
Founded
2008
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Generous parental & leave policies
Completely subsidized health, dental, & vision insurance
Complimentary dry cleaning
On-site haircuts
Endless snacks
Company events
In response, Aish has joined forces with Cross River Bank - through its Foundation arm - to launch United Against Antisemitism (UAA), a new online community designed to be a safe space for support, action, and community building among Jewish students and young professionals.
Small business and small farm loans decreased in 2023 as interest rates rose and lending standards tightened, according to three federal banking agencies with responsibilities for the Community Reinvestment Act (CRA).Compared to 2022, the number of small business loans originated decreased by 5.1% and the number of small farm loans originated decreased by 5.6%, according to a fact sheet released Monday (Dec. 16).The dollar amount of these loans decreased by 8.9% and 5.2%, respectively, in 2023 compared to the previous year, according to the fact sheet.“The decrease in lending is likely due, at least in part, to rising interest rates and tighter lending standards,” the fact sheet said.These figures are based on the agencies’ analysis of nationwide summary statistics for 2023 CRA data, according to the fact sheet.They were compiled by the three federal banking agency members of the Federal Financial Institutions Examination Council: the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency.The data covers only a portion of the credit extended to small businesses and farms, as depository institutions and nonbank financial institutions that don’t report CRA data also extend loans, per the fact sheet.In terms of the number of loan originations in 2023, about 94.9% of small business loans and 80.2% of small farm loans were for amounts under $100,000, according to the fact sheet.The analysis also found that 54.8% of small business loan originations and 58.1% of small farm loan originations went to firms with revenues of $1 million or less, per the fact sheet.Only about 8.5% of small and medium-sized businesses (SMBs) have found working capital loans from banks to be readily available, according to the PYMNTS Intelligence and Cross River collaboration, “What’s Next in Credit: Why SMBs Prefer Corporate Credit Cards for Short-Term Financing.”The report found that the challenges faced by these businesses suggest it may be difficult to qualify for business financing in today’s economic environment.The FDIC said in October that a high-touch approach and in-person visits to bank branches are “key conduits” for small business lending
The Federal Deposit Insurance Corp. (FDIC) has extended the public comment period for its proposed rule on recordkeeping for banks’ custodial accounts. Previously scheduled to end Dec. 2, the comment period now runs through Jan. 16, the FDIC said in a Monday (Nov. 18) press release
Cross River Founder and CEO Gilles Gade has spoken out in favor of the Federal Deposit Insurance Corp.’s (FDIC) proposed requirements for custodial deposit accounts. The proposed requirements are a proper response to the collapse of Synapse and the fallout that impacted its FDIC-insured banking partner, Evolve Bank Trust, and several FinTechs, Gade said in a Tuesday (Oct. 22) statement. “In the past, we’ve been the first to push back on regulator overreach,” Gade wrote. “But on this occasion, regulators at the FDIC are undeniably right to take responsive action.”
Fundbox, a leading embedded capital platform for SMBs, announced a new credit facility with Cross River, a technology infrastructure provider that offers embedded financial solutions, and Waterfall Asset Management, a global alternative investment advisor.