- Cross River Bank’s parent company CRB Group is launching an investment banking strategy.
- The new division, which falls under CRB Securities, will be co-led by Benjamin Samuels and Henry Pinnell.
- The new launch is sure to disrupt FT Partners, which has dominated the fintech investment banking scene since it was founded in 2001.
Banking-as-a-Service institution Cross River Bank announced its parent company CRB Group has launched an investment banking division.
Benjamin Samuels, who was formerly the Co-Head of Alternative Capital Solutions for Morgan Stanley’s Global Capital Markets Group; and Henry Pinnell, former Co-Head of Investment Banking from SVB Securities; have been tapped to lead the new investment banking team, which will fall under CRB Securities. CRB Securities, which has previously focused on assisting clients with privately placed credit transactions such as asset-backed securities, will advise clients on mergers and acquisitions, capital markets transactions, and other corporate finance decisions.
Cross River Bank has been building its network and banking expertise since it was founded in 2008. Today, the company offers marketplace lending, capital solutions, card and account programs, a wide range of payment tools, and solutions for loan financing. Cross River Bank plans to leverage its history and connections to offer its investment banking clients a comprehensive suite of investment banking services.
“We are proud to launch our investment banking division of our broker-dealer with two well-respected professionals in the industry, combining decades of experience in both the fintech industry and capital markets,” said Cross River Founder and CEO Gilles Gade. “Ben and Henry are tasked with enhancing even further our product offering to our fintech partners and beyond, enabling us to solve the distinct needs of each and every client.”
While the launch isn’t likely have a major effect on the fintech industry as a whole, it will certainly impact one player in particular: FT Partners. Founded by Steve McLaughlin, FT Partners has been one of the top fintech deal-makers since the firm’s 2001 launch. Cross River Bank is coming to the investment banking game with long-standing relationships from its vast network of fintech clients. This makes the new firm a formidable competitor to FT Partners.