UndisclosedStrategic acquisitionFinancial Services
Cross River to acquire loyalty fintech Accrue
Fort Lee, New Jersey-based Cross River, an $8.5 billion-asset bank, will acquire Accrue, whose branded-wallet platform connects stored value, payments and rewards for merchants. Accrue CEO Michael Hershfield will take a leadership role in Cross River's embedded finance business. Terms and timing were not disclosed.
Why it matters: Cross River says Accrue lets it offer partners a complete embedded finance stack as payments and loyalty converge.
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