Technology infrastructure provider Cross the river bank partnered with a great app Revolution to expand Revolut’s operations in the United States by leveraging Cross River’s technology and regulatory infrastructure.
The partnership will open the first US-based personal consumer loans for Revolut customers through Cross River’s technology infrastructure, with additional credit offerings expected to launch in the coming months. Cross River’s platform, technology and regulatory expertise will further expand access to financial services for customers across the country and enable Revolut to scale and grow across verticals, including credit.
As a result, Revolut customers will be able to take out a loan without worrying about late fees, origination fees and prepayment penalties. Customers can check their rates through the credit tab of their Revolut app without impacting their credit score. They can then request the loan amount and term they need to meet their goals directly in the app.
Revolut offers near-instant same-day loan funding, so once the loan is approved, it can land in the user’s Revolut wallet account within minutes. Customers can also set up automatic loan payments with the AutoPay feature to ensure they never miss a repayment. Revolut notifies customers by email if they have been shortlisted for a personal loan. Although currently only available to US Revolut customers, all US consumers will be able to apply for a Revolut loan in the coming months of 2022.
Going forward, Revolut will further bolster its US global financial super app with additional credit offerings. From day-to-day spending to future savings and investments, Revolut offers ways to improve economic health and gives consumers more control to connect around the world. As fintech continues to play an important role in the financial industry, Cross River is an innovator in enabling secure financial and technology solutions for partners to provide more affordable access to credit and for consumers to manage their funds.