Banking News

Crossroads Systems, Inc. Announces Merger With Rise Line Business Credit

Crossroads Systems, Inc. Announces Merger With Rise Line Business Credit

Merger to Expand Crossroads’ Product Offering into New Business Sectors

Crossroads Systems, Inc., a holding company focused on investing in businesses that promote economic vitality and community development, announced today a merger with Rise Line Business Credit, LLC (“Rise Line”), a nationwide asset-based lending firm that provides innovative working capital solutions.

Through this transaction, Crossroads anticipates being able to provide better accessibility to banking for small businesses and assist in their transition into the conventional banking system where many are currently underserved. The merger also expands Crossroads’ impact product offering to small businesses that are in asset-heavy sectors such as manufacturing, distribution, retail and consumer products, business services, staffing, and technology services.

Read More: DeFi Enabled, Enterprise Grade Hybrid Blockchain, XDC Network, Gains Compliance Edge

FTS_banner

“This merger enables us to expand our organization into an adjacent competency and diversify our product offering to small businesses across a range of industries,” said Eric Donnelly, CEO of Crossroads. “Rise Line has a scalable platform that offers customized loan structures and optimal solutions to its customers to achieve their capital goals. We are thrilled to expand our small business impact reach to more customers across the country deserving of responsible credit extension.”

Under the terms of the agreement, which was unanimously approved by the members of Crossroads’ Board of Directors, the purchase price to effect the transaction was approximately $10 million in cash. The capital infusion immediately expands Rise Line’s base to serve small and midsize companies that are often unable to secure appropriate financings from banks and other non-bank lending sources.

Read More: Financial Services are Experiencing Massive Adoption in the Philippines Through GCash

“This capital expansion will allow us to build on the strong base of relationships and partnerships we have built since our launch in 2017,” said Rise Line CEO Gaurang Vyas. “We look forward to continue to serve small businesses across the nation in partnership with Crossroads.”

The Crossroads and Rise Line merger is a demonstrated commitment to offering institutional-quality products and services to small and midsize businesses to help them realize and leverage the full value of their assets.

Read More: Payfare, Stride Bank Joining Forces To Expand Real-time Payment Options For The US Gig Economy Workforce

[To share your insights with us, please write to sghosh@martechseries.com ]

Related posts

AvidXchange Introduces REVx at Your Desk Virtual Event Series, Providing Middle Market Companies Tools and Insights to Operate More Efficiently in Today’s Environment

Fintech News Desk

Cashfree Joins Hands with Shipway to Reduce Time on CoD Refunds

Fintech News Desk

Benefit Mobile improves fundraising efforts with gift cards, during uncertain COVID-19 times

Fintech News Desk
1