Cross River Bank, an embedded finance technology provider and FDIC member, has committed a $50 million revolving credit facility, arranged through its Principal Finance Group, to GoodLeap, a sustainable home improvement finance platform, to fund the new GoodLeap Home Visa Signature Card. Cross River will also issue the card and provide payments infrastructure; the card is built around a home equity line of credit, offering rates below typical credit cards and up to 6% cash back on eligible home improvement projects started through the GoodLeap Home app. The main objective is to give homeowners an easier way to use their equity for renovations and everyday purchases while giving GoodLeap, whose technology has been used by more than 1.7 million homeowners and has facilitated over $37 billion in financing since 2018, lending and card capabilities through a single relationship. Key players include Cross River chief investment officer Noah Cooper, head of fintech banking Adam Goller, and GoodLeap chief operating and strategy officer Dan Lotano, who said homeowners have never lacked equity, “they’ve lacked a partner who helps them use it.”

Cross River Puts $50M Behind GoodLeap’s Home Equity Card