Financial infrastructure innovator, Prime Trust secures $64 mn in Series A funding
By Pavithra R
Prime Trust, a technology-driven trust company, has announced raising $64 mn in Series A round, the first institutional round of funding for the company.
The timing of the investment coincides with the firm having crossed $100M in annual revenue-run rate and 250 million API calls per month from its B2B customers.
The finance round 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. The firm has also announced the joining of Zane Busteed, a principal investor at Mercato Partners Traverse Fund, and Tom Gonser, of Docusign and Seven Peaks Ventures to its board of directors.
“We are experiencing an explosion of new financial services driven by digital native consumers, and nontraditional markets and assets. 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,” said Zane Busteed, principal investor at Mercato Partners Traverse Fund.
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, tokenized assets and wallets, and in crowdfunding, including broker-dealers, crowdfunding portals and real estate syndicators. The raise will also enable 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,” said Tom Pageler, CEO of Prime Trust.
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October 18, 2021
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