CONNECT WITH US
Fintech

Fintech

Cross River Acquires Accrue to Bring Loyalty to Payments

Finovate logo

Published on

Add as a preferred source on Google
Cross River Acquires Accrue to Bring Loyalty to Payments

The parent company of Cross River Bank, CRB Group, has agreed to acquire customer loyalty provider Accrue. While Cross River did not disclose the acquisition amount, the bank did express that the purchase will help it continue to expand its embedded finance offerings.

Founded in 2021, Accrue powers modern customer loyalty at the payment layer. Its branded wallet platform enables merchants to connect stored value, payments, rewards, and customer engagement in one experience. The New York-based company aims to turn one-time transactions into repeat business using branded debit cards, payments-led loyalty, and store credit refunds.

“I started Accrue with the belief that financial products would increasingly live inside the brands and experiences customers use every day,” said Accrue Founder and CEO Michael Hershfield. “Accrue brings that to life by embedding wallets, payments, stored value, and rewards directly into the merchant experience. Cross River shares that vision, and with its technology, scale, and global reach, we can take it much further.”

Cross River was founded in 2008 to bring scalable, embedded payments, cards, lending, and crypto solutions to businesses and consumers. The bank is known for its API-driven banking core and regulatory expertise. Because it owns its infrastructure, Cross River reduces the risk and compliance gaps that come with bringing on third-party systems. The bank anticipates that Accrue will strengthen its technology stack and enable partners to offer branded wallets and financial products to their customers. Accrue’s team, including Hershfield, will join Cross River.

“Payments and loyalty are becoming one,” said Cross River Founder and CEO Gilles Gade.


Source link
Related Topics:Fintech

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.