Cross River Bank announced it provided a $150 million senior secured revolving credit facility to EarnIn, an earnings management company that offers on-demand pay. This facility, structured by Cross River’s Principal Finance Group, is designed to provide EarnIn with flexible and scalable capital to meet the growing demand for its flagship “Cash Out” product.
EarnIn’s “Cash Out” is an earned wage access (EWA) solution that allows workers to get a portion of their pay before their official payday. This service is a key part of EarnIn’s mission to create a more equitable financial system by giving consumers more control over their money.
Rahul Jha, head of Cross River’s Principal Finance Group, emphasized the alignment between the two companies.
“Our partnership with EarnIn reflects Cross River’s mission to support inclusive, technology-driven financial solutions,” Jha said. “This facility will help EarnIn scale its impact and empower more Americans with timely access to their earnings.”
Jacopo Lenzi, CFO at EarnIn, stated that the credit facility underscores the strength of their business model. “Cross River’s deep experience partnering with fintech companies is a key enabler as we expand our impact and deliver affordable, real-time access to earnings for even more people,” Lenzi said.
This transaction highlights Cross River’s role as a strategic capital provider for financial technology companies and supports its mission to promote financial inclusion and economic empowerment.
