Prime Trust, a ‘one-stop-shop’ for financial infrastructure for fintechs, has closed a $64 million Series A financing round, which will help fund its growth in new markets such as payments and alternative assets.
The first institutional round of funding for Prime Trust was led by Mercato Partners, with 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.
Following 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 non-traditional markets and assets,” said Busteed.
“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.”
Prime Trust said that the proceeds will be used to add systems and personnel who are working on expanding its B2B market share in crypto, including digital asset exchanges, banks, consumer retailers, OTC desks, tokenized assets and wallets, and in crowdfunding, including broker-dealers, crowdfunding portals and real estate syndicators.
Among the new markets in payments and alternatives that Prime Trust has its eye on are wealth tech, neobanks, registered investment advisers and alternative trading systems.
Tom Pageler, CEO of Prime Trust, said: “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.”
The fundraising coincided with the firm having crossed $100 million in annual revenue-run rate and 250 million API calls per month from its B2B customers.