For 2020, Cross River Bank Says It Will Increase Collaboration to Grow New Jersey’s Fintech Ecosystem –

By Phil Goldfeder, Senior Vice President, Cross River Bank

Aspart of our end-of-year coverage this year, asked some NewJersey startups and established companies to look into their crystal balls andtell us whats ahead for them in 2020.

Cross RiverBank is a fintech and innovation leader headquartered in Fort Lee.For 2020, Cross River says it will emphasize collaboration among businesses,stakeholders and policymakers to help fintech innovation thrive in New Jersey.

In 2008, while most banks were slowto recover from the financial crisis and provide access to credit, Cross Riveropened its doors in Teaneck with a clean balance sheet and fresh capital todeploy to consumers in need. While ourgrowth in fintech and innovation has expanded our national footprint, ourcommitment to New Jersey today remains as strong as the day we opened our doors.

What began as a single branchhas evolved into a thriving institution and technology leader, with over 250employees and a bustling headquarters in Fort Lee. Thanks to a Grow NJ grant from the New JerseyEconomic Development Authority, we continued our expansion in Fort Lee byacquiring a 70,000-square-foot facility, further solidifying our roots in NewJersey. This new headquarters will not only house the current team members, butalso an anticipated 200 additional employees.

Working with New Jersey toattract talent and drive the state forward as a leader in technology has been anintegral part of our efforts to give back. In June, together with the NewJersey Tech Council, we hosted Growing NJs Fintech Ecosystem, a forum thatconvened elected officials, businesspeople, representatives of communityorganizations and New Jersey leaders to discuss the value the fintech industrybrings and how to broaden opportunities within the state.

Cross River is on the ground,working with regulators and policymakers at the federal and state levels toeducate and provide best practices for the banking and technology industrieshere. For us, its integral to ensure that businesses and government workhand-in-hand to provide consumers access to credit in a responsible way, justas when we started 11 years ago.

As a bank that has built itsroots in New Jersey, we have witnessed firsthand how the states support hasplayed an integral role in propelling the industry. We have demonstrated ourability to innovate while adhering to the strictest of regulations. Our focuson innovation earned us the Technology Company of the Year award from the NewJersey Tech Council, and our focus on the community earned us recognition as CorporateCitizen of the Year from NJBIZ.

Our work in 2019, coming out of astrong first decade of growth, is sure to continue in 2020. At the top of our agendain the coming year is increasing collaboration among businesses, stakeholdersand policymakers. As a company born in Teaneck, raised in Fort Lee and thrivingthanks to the help and partnership of our neighbors, we are excited about whatthe future holds for financial services and the state of New Jersey.

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For 2020, Cross River Bank Says It Will Increase Collaboration to Grow New Jersey's Fintech Ecosystem -

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