Cross River Extends $50 Million Credit Facility to Cherry Technologies
March 16, 2022
Cross River’s Strategic Direct Lending Group Extends $50 Million Credit Facility to Cherry Technologies
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. - 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 deliver greater and more efficient access to credit for patients nationwide.
"We're proud to support Cherry's growth with our credit facility, and we're 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.
The $50 million facility is originated by Cross River’s Strategic Direct Lending Group, a specialized team focused on providing credit facilities and forward flow purchase arrangements to empower the growth of early stage fintechs. 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.
“We are excited to be going shoulder to shoulder with Cross River and grateful to have them as our partner,” said Felix Steinmeyer, CEO of Cherry. “Thanks to this partnership we can offer medical practices an even stronger patient financing solution.”
Cherry was started by Stanford entrepreneurs in 2019. Cherry’s mission is to help medical providers treat more patients with the buy now pay later solution. Cherry is based in San Francisco and among its backers are DCM, Kleiner Perkins and Core VC.