pH Partners Serves as Exclusive Financial Advisor to Seed on its Acquisition by Cross River Bank
FORT LEE, N.J., June 24, 2019 - Cross River Bank (“Cross River”), a leading innovator and provider of banking services for technology companies, today announced that it has acquired the Seed online small business banking technology platform. This new platform will build on Cross River’s growing suite of innovative Banking-as-a-Service (BaaS) solutions. As part of the transaction, Cross River will also acquire members of the current Seed team with plans to open additional offices on the West Coast. Terms and conditions for the transaction were not disclosed.
“This acquisition marks a significant milestone for Cross River that comes on the heels of our recent capital raise. It allows us to further strengthen our position as a leading provider of fintech solutions as we continue building and enhancing a complete banking platform where companies can leverage best-in-class banking technologies with compliance excellence,” said Gilles Gade, founder, CEO and Chairman of Cross River. “The strength of Seed’s leadership is undeniable, and we are excited to extend Cross River’s growth trajectory with this acquisition as we bring on the Seed team and work together to expand our capabilities and offerings.”
With the acquisition of the Seed platform, Cross River will expand its BaaS offerings, providing additional services for both current and prospective clients. This provides Cross River with the opportunity to grow and expand its existing technology, and to ramp up its small business banking solutions. Cross River will be developing an integrated product and will begin offering it in the coming months.
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About pH Partners
pH Partners, LLC, is a boutique investment banking firm delivering capital formation, strategic partnership, and merger and acquisition services to companies at the convergence of Healthcare, Technology and the Consumer. The pH Partners team consists of senior-level executives with extensive backgrounds in investment banking, life sciences, medicine and operations, and have collectively closed over $20B in strategic advisory transactions, and have raised more $5B in capital for their clients. pH Partners is headquartered in Austin, Texas with offices in Houston, Portland and New York. To learn more, visit phpartners.com.
pH Partners’ transaction leads:
Benjamin Perkins
Managing Partner
