CRB Group, parent of US-based Cross River Bank, has agreed to acquire Accrue, a fintech that combines payments, stored value and rewards programmes inside merchants' branded wallets. Cross River provides regulated banking infrastructure to large companies for accounts, cards, payments, lending and digital assets. Accrue's team will join the bank, and founder Michael Hershfield will take a leadership role in embedded finance. The price was not disclosed, and the deal is subject to customary closing conditions.

What it means: The deal reflects a trend that is very visible at this year's Money20/20: payments and loyalty are merging. Big brands want their own wallet, where customers load money, pay and earn points without going through a third-party app, because that keeps the relationship and the data with them. Banks that provide banking-as-a-service infrastructure, such as Cross River, are competing to offer the most complete solution through a single API. What is notable here is that Cross River already powered Accrue's infrastructure, so it is buying the customer-facing layer. That reduces dependence on outside software providers and raises revenue per client. In Europe, branded wallets holding stored value usually fall under e-money rules and need a licence or a licensed partner, so the equivalent model runs through e-money institutions. For merchants, including in Greece, the idea of their own wallet is attractive, but it requires compliance with rules on safeguarding customer funds and anti-money laundering. The mention of agentic channels shows loyalty programmes are also preparing for purchases made by AI assistants.

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