Las Vegas-based Prime Trust has raised $107 million in a Series B funding round, as the fintech infrastructure company eyes new product offerings in the wealth and DeFi spaces.
A combination of new and existing investors participated in the fundraising, including FIS, Fin Capital, Mercato Partners, Kraken Ventures, Commerce Ventures, William Blair & Company, Decasonic, University Growth Fund, Gaingels, GateCap Ventures, and Seven Peaks Ventures.
Prime Trust said it will use the injection of capital to not only launch new products and services, but also invest in its infrastructure to serve its global client base, which comprises nearly 700 fintech and digital asset clients.
Its current product offering includes fiat rails, compliance solutions, wallet technology and other plug-and-play products.
“This strategic investment will provide critical operational expertise to further scale Prime Trust into new offerings, including wealth products, as well as Web 3 and DeFi products,” said Tom Pageler, CEO of Prime Trust.
“We’ve seen an unprecedented shift toward greater acceptance of digital assets among wealth managers and RIAs and, to that end, we launched the Prime Trust Crypto IRA, the first IRA solution with a seamless, single API integration.”
He added: “Our strategic investor relationships will enable us to continue to expand into new markets and deepen our commitment to helping our fintech and crypto clients to build and scale quickly, securely, and compliantly.”
To date, Prime Trust has raised more than $170 million in funding.
Rodrigo Vicuna, CFO of Prime Trust, said the company has grown, despite the volatility in the fintech and digital asset market.
“With the company doubling revenue the last four years in a row, investor enthusiasm around Prime Trust has been extremely high and continues to outpace expectations,” Vicuna added.