Small business lender Idea Financial has secured a $70 million warehouse facility from Cross River Bank. The capital will be used to allow Idea Financial to scale its business.
MIAMI, FL— June 17, 2019— 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