Financial infrastructure innovator Prime Trust has raised over $100 million in a Series B funding round. The API based financial infrastructure for fintech and digital asset innovator, Prime Trust till date has raised around $170 million in funding including the current round. A mix of existing and new investors participated in the financing round.
Some companies that participated in the round were FIS, Fin Capital, Mercato Partners, Kraken Ventures, Commerce Ventures, William Blair & Company, Decasonic, University Growth Fund, Gaingels, GateCap Ventures, and Seven Peaks Ventures.
The startup offering core financial service APIs and plug-and-play widgets facilitating companies to launch in an instant is currently the leader in this category for its efficient services being provided to some of the world’s leading crypto exchanges, on ramps, wallets, banks and neobanks.
“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 seamless, single API integration. 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,” he added.
The startup aims to accelerate the adoption of cryptocurrency
The startup recently earned the SOC 2 Type 2 certification for managing customer data and seeks to increase the adoption of cryptocurrency at a global level. The certificate uses an auditing procedure that ensures a service provider securely contains data around the five criteria of security, availability, processing integrity, confidentiality, and privacy.
“Prime Trust has continued to hit hyper growth this past year despite the market volatility in the fintech and digital asset markets. 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,” said Rodrigo Vicuna, CFO of Prime Trust.
The startup supports some world’s largest brands, such as Swan, Abra, Dapper Labs and Binance US. The company will use the fresh funding of $100 million to continue investing in its products, services, and infrastructure to serve its global client base.
“FIS believes strongly in fostering a culture of innovation within our organization and the broader fintech community. Investing in an emerging leader in the Web 3 space is just one of the many ways FIS is accelerating fintech innovations for organizations of all sizes,” said Rob Lee, President, FIS Impact Ventures.