GreenBox (NASDAQ: GBOX), an emerging and rapidly growing fintech company, announced that it has entered into a licensing agreement with Cross River, a respected technology-driven infrastructure provider that offers embedded financial solutions. GBOX’s partnership with Cross River allows the fintech pioneer to launch its first banking-as-a-service initiative and position itself as strong financial technology-driven brands. Leveraging Cross River’s infrastructure and access to the payment rails enables GreenBox to open custodial, reserve and operating accounts for its customers, who can then manage those accounts with a full suite of tools, also powered by Cross River. According to the announcement, the new partnership creates new channels for adding customers and robust revenue growth as well as allowing GreenBox to establish itself as a vertically integrated end-to-end financial technology solution. “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,” said GreenBox CEO Fredi Nisan in the press release. “Not only will we eventually be able 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. . . . Cross River is 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.”
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About GreenBox POS
GreenBox is an emerging financial technology company leveraging proprietary blockchain security and token technology to build customized payment solutions. The company’s applications enable an end-to-end suite of turnkey financial products and fraud detection as well as improve the efficiency of handling large-scale commercial processing volumes for its merchant clients. For more information about the company, please visit www.GreenBoxPOS.com.
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