Cross River Acquires Accrue for Payments and Loyalty
Cross River Bank to merge payments with loyalty rewards via Accrue acquisition.
In brief
Cross River Bank to merge payments with loyalty rewards via Accrue acquisition. Cross River Bank acquires FinTech company Accrue to integrate payments and loyalty rewards technology into its financial infrastructure. Originally reported by Pymnts.
Cross River Acquires Accrue
Cross River Bank plans to add branded wallet, stored value and loyalty rewards technology to its regulated financial infrastructure by acquiring FinTech company Accrue.
Transaction Details
The transaction is subject to customary closing conditions and CRB Group raised $50 million in March to expand embedded finance capabilities.
Embedded Finance Strategy
Cross River will enable partners to offer payments and loyalty rewards using Accrue's technology for branded wallets and incentives.
Leadership Changes
Accrue's CEO Michael Hershfield will lead Cross River's embedded finance offerings, while Gilles Gade becomes the bank's new president.
The key point
Cross River Bank acquires FinTech company Accrue to integrate payments and loyalty rewards technology into its financial infrastructure.
