Cross River Bank Finds Partner in Southeast Asia
Shefa Capital and Malaysia-based global advisory firm V Capital Investments (VCI) have partnered to lead a Series C pre-IPO $100 million investment in Cross River Bank (CRB).
V Capital will become CRB's strategic partner in the Southeast Asia region, and will open up its fintech offerings to a wider section of the public, as V Capital is working towards applying for a digital bank license in Malaysia, an announcement said.
New Jersey-headquartered Cross River Bank operates a banking-as-a-platform solution, encompassing lending, payments and risk management. In 2018, it raised $100 million in a funding round led by KKR, with the participation of Battery Ventures, Andreessen Horowitz, Ribbit Capital and Credit Ease.
Founded in 2013, V Capital provides corporate advisory, real estate advisory, digital advisory, project advisory and business advisory services, as well as fund management services for high net worth individuals. It is headquartered in Kuala Lumpur, and has regional offices in Singapore and London.
Fintech Breakthrough in Malaysia
«This partnership will ensure that VCI and CRB will be the leading players in the Southeast Asian fintech ecosystem in the next five years,» said V Capital chairman Tan Sri Mohamad Fuzi Harun in the statement.
«And with the technological breakthroughs brought about by the partnership between VCI and CRB, Malaysia is set to witness a major fintech breakthrough which could be a catalyst that leads to further advancements in fintech,» he said.
