Cross River Bank Said to Eye $2.5 Billion Valuation in New Round

Cross River Bank, a regional lender that works with some of the biggest U.S. financial-technology startups, is in talks to raise fresh funding at a valuation of $2.5 billion or more, according to a person with knowledge of the matter.

The Fort Lee, New Jersey-based company, advised by FT Partners, is in early discussions with prospective suitors about raising roughly $200 million, the person said. Terms of the funding round aren’t finalized and could change.

Representatives for Cross River and FT Partners didn’t immediately respond to requests for comment.

Earlier this year, Cross River -- led by founder and ...