Cross River Bank and Sunstone Credit Inc. are partnering to add a new asset class to Cross River’s lending portfolio. Cross River Digital Ventures has also made a strategic investment in Sunstone.
Sunstone has built a technology platform that provides solar developers with affordable, easy-to-understand financing products for their SMB customers looking to go solar. Through the partnership, Cross River will originate Sunstone loans and provide API connectivity to Sunstone’s platform, providing a streamlined, highly scalable solution that delivers an optimal customer experience for both borrowers and developers and supports Sunstone’s growth.
“We are excited to partner with Sunstone to enter a market where there is an opportunity to leverage our technology-based lending platform to provide energy efficient products to commercial borrowers,” says Adam Goller, EVP and head of fintech banking at Cross River. “Their experience, track record of success and product knowledge, combined with our technology and innovative approach to banking will address this high-potential market at the scale that the market has come to expect from Cross River.”
“We are thrilled to partner with Cross River as we embark on this next stage of growth for our company and the SMB solar market,” states Mike D’Andrade, co-founder and chief risk officer of Sunstone. “We have always been impressed with Cross River’s forward lean on matters of technology and sustainability, and it has been clear from the beginning that they understand and are just as motivated by our mission to democratize access to solar for businesses, which this partnership will enable us to do. In addition, we are excited that they have chosen to deepen their commitment to our company through the strategic investment made by Cross River Digital Ventures.”