Prime Trust raises USD64m in Series A funding
Prime Trust, a one-stop shop for financial infrastructure for fintechs, has closed a USD64 million Series A funding round.
The timing of the raise coincides with the firm having crossed USD100 million in annual revenue-run rate and 250 million API calls per month from its B2B customers. This is the first institutional round of funding for Prime Trust.
Led by Mercato Partners, the round also includes strategic participation from Samsung Next, Nationwide, Commerce Ventures, Ayon Capital, Kraken Ventures, STCAP, s20 Capital, Seven Peaks Ventures, Diverse Angels, University Growth Fund and Nevcaut Ventures. Along with the raise, Zane Busteed, a principal investor at Mercato Partners Traverse Fund, and Tom Gonser, of Docusign and Seven Peaks Ventures, will join Prime Trust's board of directors.
"We are experiencing an explosion of new financial services driven by digital native consumers, and nontraditional markets and assets," says Zane Busteed, principal investor at Mercato Partners Traverse Fund. "The biggest challenge is turning these ideas into user-ready services. Prime Trust solves this with fast, flexible and secure technology that innovators can use to create products catering to new markets and customers."
Gonser says: "It's amazing to see a company with the same explosive potential that I saw in the early days of DocuSign. Similar to how e-signatures radically changed the way we do business, Prime Trust's infrastructure will revolutionise the future of finance."
The funding will be used to add systems and personnel who are working on expanding the company's B2B market share in crypto, including digital asset exchanges, banks, consumer retailers, OTC desks, tokenised assets and wallets, and in crowdfunding, including broker-dealers, crowdfunding portals and real estate syndicators.
"Prime Trust continues to significantly exceed profitability and revenue projections. This round is key to further accelerating the growth we've had this year, and we're thrilled to have these strategic investors join our rocketship," says Rodrigo Vicuna, CFO of Prime Trust.
The raise will also allow Prime Trust to grow into new markets in payments and alternative assets including wealth tech, neobanks, registered investment advisers and alternative trading systems.
"The vision for Prime Trust was always clear - take the pain out of innovating in financial services. This round of funding will accelerate our ability to keep up with the needs of fintech innovators across a huge variety of applications in payments and alternative assets," says Tom Pageler, CEO of Prime Trust.