Cross River Bank acquires data and risk analytics firm PeerIQ
By Pavithra R
CRB Group, the parent company of Cross River Bank, a technology-driven financial services organization that provides core infrastructure and embedded financial solutions has announced its acquisition of Synthetic P2P Holdings Corporation d/b/a 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.
The acquisition will build on Cross River’s comprehensive suite of offerings, enabling clients, partners and investors to benefit from PeerIQ’s 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. PeerIQ has established itself as a leader in capital markets innovation and our newly expanded offerings will make us even more compelling,” said Gilles Gade, Founder, President and CEO of Cross River.
The deal advances Cross River’s mission of providing access to financial services through its comprehensive, API-based platform with robust regulatory compliance. PeerIQ’s analytics platform provides fintechs and banks with access to more resilient capital through enhanced data, enabling greater financial inclusion. Through the acquisition, Cross River is broadening its offerings to include end-to-end Software-as-a-Service 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. 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,” said Ram Ahluwalia, Founder of PeerIQ.
As Cross River and PeerIQ teams integrate, they will focus on incorporating PeerIQ’s platform and building on current offerings to drive future growth. Together the companies will drive future growth & financial inclusion.
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