Cross River Bank, the Fort Lee-based technology infrastructure giant, on Tuesday announced a major expansion of its partnership with consumer fintech leader Upgrade, Inc. In a move that signals robust confidence in the consumer lending sector, Cross River has upsized Upgrade’s revolving credit facility from $150 million to $250 million.
The facility, structured by Cross River’s Principal Finance Group (PFG), is secured by Upgrade’s Personal Credit Line (PCL) assets. This injection of capital is designed to help Upgrade—a company currently valued at over $7 billion—scale its flagship credit products for millions of mainstream consumers.
The upsized facility is more than just a loan, it represents the “fuel” for the Banking-as-a-Service (BaaS) model that Cross River pioneered. By providing the balance sheet capacity, Cross River allows fintechs like Upgrade to focus on user experience and product innovation while the bank handles the underlying regulatory and capital infrastructure.
“This expansion underscores our strategy of aligning capital solutions with our partners’ growth,” Noah Cooper, chief investment officer and head of Capital Solutions Group at Cross River said.“We’re committed to delivering the flexible financing that our partners need to scale.”
While the $250 million credit line is the headline, the Cross River-Upgrade relationship has evolved into a multi-faceted ecosystem. Over the past several years, the two firms have co-developed a suite of consumer-centric products:
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Upgrade Card: A unique hybrid that combines the flexibility of a credit card with the low cost of an installment loan.
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Rewards Checking: A mobile banking experience featuring 2% cash back on everyday expenses.
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Home Improvement Loans: Streamlined financing for residential upgrades, integrated directly into the Upgrade platform.
Drew Friedberg, VP of the Principal Finance Group at Cross River, noted that Upgrade continues to “set the standard for innovation in consumer credit.”
