Cross River Bank acquires data and analytics firm PeerIQ
CRB Group, Inc., the parent company of Cross River Bank (“Cross River”), a technology-driven financial services organization that provides core infrastructure and embedded financial solutions, today announced that as of the first quarter of 2021, it has wholly acquired Synthetic P2P Holdings Corporation d/b/a PeerIQ (“PeerIQ”), a preeminent data and risk analytics firm that helps institutions analyze, assess and manage risk in the lending sector, as an affiliate of the New Jersey state-chartered FDIC-insured bank.
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The acquisition will build on Cross River’s comprehensive suite of offerings, enabling clients, partners and investors to benefit from PeerIQ’s leading technology-enabled analytics, ultimately providing more transparency to the marketplace and the industry at large.
“Cross River is constantly adapting to the evolving landscape of financial services with an insatiable thirst to innovate,” said Gilles Gade, Founder, President and CEO of Cross River. “PeerIQ has established itself as a leader in capital markets innovation and our newly expanded offerings will make us even more compelling.”
This deal advances Cross River’s mission of providing access to financial services through its comprehensive, API-based platform with robust regulatory compliance. PeerIQ’s leading technology-enabled analytics platform provides fintechs and banks with access to more resilient capital through enhanced data, enabling greater financial inclusion. Now, with the addition of PeerIQ, Cross River is broadening its offerings to include end-to-end Software-as-a-Service (“SaaS”) technology solutions and advanced portfolio analytics, as well as additional data aggregation and risk management tools.
“We are thrilled to become part of the Cross River family,” said Ram Ahluwalia, Founder of PeerIQ. “With this acquisition, Cross River’s clients, partners and the industry will be able to access PeerIQ’s industry-leading analytics as part of their overall BaaS relationship, and we are excited for our future collaboration.”
As the Cross River and PeerIQ teams integrate, they will focus on incorporating PeerIQ’s platform and building on current offerings to drive future growth. Customers and prospects can expect new and expanded capabilities that show the combined value of the two companies in the coming months.