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GreenBox POS (NASDAQ: GBOX) and Cross River Join Forces to Create First Banking-as-a-Service Initiative

  • GreenBox will build the first banking-as-a-service initiative, catapulting the company into the same playing field as other major FinTech-driven brands
  • CEO Fredi Nisan said the initiative will be a game changer for the company, expanding its capabilities and potential customer base, while also serving as a significant driver of revenue growth 
  • The partnership will provide additional services to existing clients on a single, seamless platform with a full suite of services that position the two companies to be a vertically-integrated full solution service

GreenBox POS (NASDAQ: GBOX), an emerging financial technology (FinTech) company that leverages proprietary security and token technology to build customized payment solutions for businesses, has announced entering a licensed partnership with Cross River. Cross River is a technology-driven infrastructure provider offering embedded financial solutions. The licensed partnership brings GreenBox closer to building compliant, cutting-edge blockchain ledger tokenized solutions for the diverse, evolving, and dynamic market worldwide (https://ccw.fm/63lfq).

Cross River is known for merging innovative state-of-the-art technology capabilities with the expertise of traditional banking, which is currently powering multiple leading FinTech companies across the United States. Through the partnership with Cross River, GreenBox will bring to realization its first banking-as-a-service initiative. This strategic move by GreenBox will catapult the company into the same playing field with other major FinTech-driven brands.

“This was an important and necessary first step towards the launch of banking as a service which we believe will be a game-changer for GreenBox as it will radically expand our capabilities and the vast universe of potential customers, with a customer-inspired, technology-driven and combined offering,” GreenBox CEO Fredi Nisan said, talking about the partnership. “Not only will we eventually be able to offer all our existing merchant clients cutting edge banking services, but we can also open these solutions to strategic partnership and enterprises seeking white label solutions. We expect this to be a significant driver of revenue growth.” 

The infrastructure and payment rails provided by Cross River will enable GreenBox to open accounts (custodial, reserve, and operating accounts) for customers, which can be managed with a full suite of tools, all of them powered by Cross River. Resulting advantages include the potential creation of new channels to add customers, leading to great levels of revenue growth. Combining GreenBox technology with Cross River’s infrastructure will provide additional services to existing clients on a single, seamless platform with a full suite of services.

“Joining forces with GreenBox highlights Cross River’s ability to do what we do best: empower innovative and responsible fintech companies to provide their customers with access to transparent, secure, and reliable financial solutions,” Cross River’s EVP and Head of FinTech Banking, Adam Goller, said. “We’re elated to be leading the way with GreenBox in advancing the digital finance landscape into a hassle-free, all-inclusive, and technology-centered experience for businesses and consumers alike.”

Nisan also underlined that Cross River was the perfect partner to launch this ambitious initiative with, given their expertise in banking technology. “This represents yet another example of us executing against our master plan for expansion, with a trusted, tech-forward bank whose mission is aligned with our own. Together, we will be a disruptive force in the FinTech landscape, enabling the sustainable, long-term value our shareholders expect.”

The initial phase of the partnership will serve as a foundation for banking-as-a-service solution. This offers customers a superior experience through a centralized hub under a user-friendly platform. The overall offering will roll out in multiple phases, delivering exceptional advantages like security, efficiency, and rapid transaction settlement across a wide range of capabilities. 

For more information, visit the company’s website at www.GreenBoxPOS.com

NOTE TO INVESTORS: The latest news and updates relating to GBOX are available in the company’s newsroom at https://ccw.fm/GBOX

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