US marketplace lending data provider PeerIQ has been acquired by Cross River Bank.
CRB Group, parent company of Cross River Bank, said as of the first quarter of 2021, it has wholly acquired Synthetic P2P Holdings Corporation, which operates as PeerIQ.
PeerIQ is a data and risk analytics firm that helps institutions analyse, assess and manage risk in the lending sector, including marketplace lenders.
The acquisition will enable the fintech bank’s clients, partners and investors to benefit from PeerIQ’s technology-enabled analytics and provide more transparency to the marketplace.
Now, with the addition of PeerIQ, Cross River is broadening its offerings to include end-to-end technology solutions and advanced portfolio analytics, additional data aggregation and risk management tools.
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“Cross River is constantly adapting to the evolving landscape of financial services with an insatiable thirst to innovate,” said Gilles Gade, founder, president and chief executive of Cross River.
“PeerIQ has established itself as a leader in capital markets innovation and our newly expanded offerings will make us even more compelling.”
“We are thrilled to become part of the Cross River family,” said Ram Ahluwalia, founder of PeerIQ.
“With this acquisition, Cross River’s clients, partners and the industry will be able to access PeerIQ’s industry-leading analytics as part of their overall banking as a service relationship, and we are excited for our future collaboration.”