Through the investment, V Capital has also become a partner for Cross River Bank in the South East Asia region
V Capital and Cross River Bank officials at the signing ceremony. (Credit: V Capital.)
V Capital and Shefa Capital have partnered to lead Series C pre-IPO $100m investment in Cross River Bank (CRB).
CRB is slated to for an initial public offering (IPO) in the US next year.
The new funding follows the financing round in 2018, led by KKR with participation of Battery Ventures, Andreessen Horowitz, Ribbit Capital & Credit Ease.
With the investment, V Capital has also become a partner for Cross River Bank in the South East Asia region.
V Capital is also working towards the application for Digital Bank Licence in Malaysia, with the partnership enabling the availability of fintech offerings.
Established in 2008, Cross River Bank aims to disrupt the global commercial banking industry, including the US.
As per V Capital, the digitization of market economy has led to an increase in several commerce and service businesses embracing web and mobile interaction with their customers.
The company said that a majority of banking and financial institutions are now turning to automated services to offer faster, easier and reliable banking services.
Presently, fintech companies are estimated to account for nearly 40% of loan origination and payment markets, worth several trillions of dollars.
CRB is an FDIC insured bank
CRB claims to have developed modular approach, providing its consumers including fintech companies and regular companies with access to digital payment services, digital lending options and digital deposit services.
As an insured bank regulated under Federal Deposit Insurance Corporation (FDIC) rules, the fintech services offered by CBR fully comply with the relevant rules and regulations.
V Capital chairman Tan Sri Mohamad Fuzi Harun said: “Its partnership with CRB would bring together some of the latest financial technology that western fintech has to offer, with the resources, market reach and technical know-how in South-East Asia to be provided by VCI.
“This partnership will ensure that VCI and CRB will be the leading players in the South-East Asian fintech ecosystem in the next five years.”