Cross River’s Strategic Direct Lending Group Extends $50 Million Credit Facility to Cherry Technologies
Summary
Partnership extends beyond financing, with Cross River’s platform providing lending solutions to enable Cherry to efficiently deliver flexible credit in the medical space FORT LEE, N.J., March 17, 2022--(BUSINESS WIRE)--Cross River Bank ("Cross River"), a technology infrastructure provider that offers embedded financial solutions, today announced that its Strategic Direct Lending team has provided a $50mm credit facility to Cherry Technologies ("Cherry") which enables medical practices to offer flexible payment plans to their patients. Additionally, Cross River will originate the loans through its comprehensive banking and technology platform, enabling Cherry to deliver greater and more efficient access to credit for patients nationwide. "Were proud to support Cherrys growth with our credit facility, and were excited to play a role in bringing a more modern and accessible financing experience to patients nationwide," said Rahul Jha, Head of Strategic Direct Lending at Cross River. Cross River’s mission is to enable greater access to credit through a full suite of banking services, and the Group is focused on strategic, multi-pronged partnerships that extend beyond financing. Leveraging its proprietary real-time banking core, Cross River delivers innovative and scalable embedded payments, cards, lending and crypto solutions to millions of consumers and businesses.