Cross River partners with Revolut

Friday 15 April 2022 12:36 CET | News

Technology infrastructure provider Cross River Bank has partnered with super app Revolut to expand Revolut’s business in the US leveraging Cross River’s technology and regulatory infrastructure.

The partnership will open the first US-based consumer personal loans for Revolut customers thanks to Cross River’s technology infrastructure, with additional credit offerings slated to launch in the coming months. Cross River’s platform, technology, and regulatory expertise will further expand access to financial services to customers across the country and enable Revolut to scale and expand across business verticals including credit.

As a result, Revolut customers will be able to take out a loan without worrying about late fees, origination fees, and prepayment penalties. Customers can check their rates through the credit tab in their Revolut app without impacting their credit score. They can then request the loan amount and term they need to accomplish their goals directly in the app.

Revolut offers near-instant, same-day loan funding so once the loan is approved, it can land in the user’s Revolut wallet account in minutes. Customers can also set up automatic loan payments with the AutoPay feature to ensure they never miss a repayment. Revolut is notifying customers via email if they have been pre-selected for a personal loan. Although only currently available for Revolut’s US customers, all US consumers will be able to apply for a Revolut loan in the coming months of 2022.

Looking ahead, Revolut will further bolster its global financial super app in the US with additional credit offerings. From everyday spending to future savings and investments, Revolut offers ways to improve economic health and provides more control for consumers to connect around the world. As fintech continues to play an important part in the financial industry, Cross River is an innovator in powering secure financial and technological solutions for partners to provide more affordable access to credit and for consumers to manage their funds.

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Keywords: Revolut, partnership, lending, credit scoring, mobile banking
Categories: Banking & Fintech
Companies: Cross River Bank, Revolut
Countries: United States
This article is part of category

Banking & Fintech

Cross River Bank



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