U.S. licensed bank Cross River Bank raises $50 million to increase investment in AI and cryptocurrency business

According to Bloomberg, the U.S. licensed bank Cross River Bank has completed a $50 million financing round, with funds coming from a T. Rowe Price affiliated fund. The raised funds will be used to further expand its artificial intelligence and cryptocurrency business.

After this financing round, Cross River Bank's valuation is slightly above $3 billion. According to insiders, the specific valuation has not been disclosed. This financing round involved existing investors and did not introduce new shareholders. Cross River Bank is focused on serving fintech companies.