Prime Trust raises over $100m in Series B funding
By Edlyn Cardoza
Prime Trust, a leading financial infrastructure provider for FinTech and digital asset innovators, recently announced that it has raised over $100 million in its Series B funding round. To date, Prime Trust has raised more than $170 million in funding. It has become a category leader in infrastructure services for some of the world’s leading crypto exchanges, on-ramps, wallet apps, ATSs, RIAs, broker-dealers and banks.
A mix of new and existing investors have participated in the funding for the company’s Series B, which includes FIS, Fin Capital, Mercato Partners, Kraken Ventures, Commerce Ventures, William Blair & Company, Decasonic, University Growth Fund, Gaingels, GateCap Ventures, and Seven Peaks Ventures.
“FIS believes strongly in fostering a culture of innovation within our organization as well as within the broader fintech community,” said Rob Lee, President, FIS Impact Ventures. “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.”
“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. 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.”
Prime Trust supports some of the world’s largest brands such as Swan, Abra, Dapper Labs and Binance US and aims to help accelerate the global adoption of cryptocurrency. Whether the market is up or down, Prime Trust’s efficiencies still endure. The company’s offerings, such as fiat rails, compliance solutions, wallet technology and other plug-and-play products, come together in a quick and easy full-stack to save clients time and money. The Company streamlines all backend financial architecture quickly and at a competitive price, thus enabling clients to focus on their success, build their core businesses and serve their customers.
The company will use the new injection of $107 million of capital to continue investing in its products and services, and infrastructure to serve its global client base.
“Prime Trust has continued to hit hyper growth this past year despite the market volatility in the fintech and digital asset markets,” said Rodrigo Vicuna, CFO of Prime Trust. “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.”
With nearly 700 FinTechs and digital asset clients, Prime Trust has established itself as a trusted partner among the FinTech community with its innovative financial service APIs and security, regulatory, and compliance expertise. Since its Series A fundraise, announced in July 2021, Prime Trust has focused on making key hires, onboarding customers in new market segments, and creating better systems for maximum efficiency.
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