Revolut Partnering with Cross River to Offer Personal Loans

Fresh from a massive funding round, Cross River Bank is continuing its FinTech rise, announcing a new partnership with the neobanking app Revolut. As a result, the popular platform will be rolling out a new feature that will allow users to apply for personal loans. Revolut customers will be able to check current loan rates with no impact to their credit. These loans will apparently have no late fees, origination fees, or prepayment penalties.

According to the press release, Revolut has begun notifying users if they’ve been preselected for personal loan offers. However, they add that all U.S. customers have the ability to apply for Revolut loans “in the coming months.”

Originally launched in its native United Kingdom, Revolut is an app that allows customers to trade and hold various foreign currencies. More recently, the platform has added support for cryptocurrencies, stocks, and more. Additionally, the service bundles other benefits such as lounge access, travel insurance, and other perks into some of its paid plans. Incidentally, Revolut already partners with Metropolitan Commercial Bank and Sutton Bank for various offerings and has also applied for a bank charter of its own.

As mentioned, the partnership between Revolut and Cross River Bank comes as both companies have continued to expand and attract investors. Last July, Revolut closed an $800 million Series E while Cross River raised a $620 million Series D last month. In fact, the latter investment ranked as the third-largest raised by a FinTech company last quarter according to the latest CB Insights report.

Commenting on the partnership, Cross River’s EVP and Head of FinTech Banking Adam Goller said, “At Cross River, we’re always looking for new and innovative ways to provide access to credit. Our partnership with Revolut is instrumental in facilitating responsible financial solutions to consumers, and we’re excited to be powering Revolut’s U.S. expansion.”

Similarly, Revolut U.S.’s Head of Lending Tarun Bhushan stated, “At Revolut, we’re building the world’s first global financial superapp so the move into credit and personal loans is a natural next step. Revolut has developed technology to provide loans instantly to approved customers, with no origination fees – so customers can get the credit they need, when they need it. We’re thrilled to partner with Cross River to offer U.S. consumers an even more diverse range of financial services with the launch of our intuitive and hassle-free personal loan product.”

In recent months, both Cross River and Revolut have demonstrated their desires to branch out. Thus, this partnership makes a lot of sense for both companies. As for customers, it remains to be seen whether these personal loan products will be competitive enough to make sense. Nevertheless, it’s another interesting development from two FinTechs with their fair share of headlines in recent months.


Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

Bilt Rewards Launches Travel Portal with Benefits for Cardholders

Last year, the startup Bilt made a splash when it announced a new service that would reward users for paying their rent. That premise was then expanded upon with the launch of the Bilt Mastercard, which is issued by Wells Fargo. Now, continuing to capitalize on both the hype of their product and the demand for travel, Bilt has debuted another new offering for customers. This week, Bilt Rewards announced...

Cash App Introduces Round-Up Investing Feature for Debit Card

Debit card customers looking to grow their investments gained a new, automated option today as Block Inc. (formerly Square Inc.) officially announced a new feature for its popular Cash App. Now, customers with the Cash App Cash Card can opt into Round Ups as a means of growing their investments. When this feature is toggled on, Cash App will round up debit card purchases to the nearest dollar and invest...

Marqeta Expands Credit Program with New APIs and More

A FinTech that specializes in creating credit card experiences is rolling out some new features. This week, Marqeta announced what it calls a "significant expansion" of its credit platform. This includes more than 40 new credit APIs that will further help clients craft and launch their own credit card products. Additionally, the company notes an updated intuitive dashboard. Using this platform, businesses can create unique card options that can not...