Reserve Trust raises $30.5 mn Series A investment led by QED Investors
By Pavithra R
Reserve Trust, the first fintech trust company with a Federal Reserve master account, has announced a $30.5 mn Series A investment, led by QED Investors with participation from FinTech Collective and Ardent Venture Partners.
The investment round, including $17.9mn in secondary shares, comes in addition to a prior $5 mn seed round raised in October 2019. In conjunction with the fundraise, Reserve Trust also announced that Dave Wright has been named CEO and Dave Cahill has joined the company as Chief Operating Officer (COO). The move reunites 2 tech entrepreneurs that have collectively been involved in founding, building, and scaling multiple startups with four successful exits between them.
“Despite all the excitement around digital payments and infrastructure, there is still no fintech that can offer direct integration with the U.S. payment system. With Reserve Trust, we are creating foundational infrastructure to hold and move payments globally and at scale. Dave Wright and the team bring a track record of immense value creation and a history of being at the forefront of infrastructure innovation that is essential to unlocking capabilities for innovators in B2B payments,” said QED Investors Partner Amias Gerety.
According to the company, the reunification of CEO Dave Wright and COO Dave Cahill comes at a critical time as the firm embarks on its next phase of growth. The pair was last together on the executive team at SolidFire, a cloud storage company founded by Wright and then sold to NetApp in 2016.
The FinTech company is planning to use the latest capital infusion to accelerate investments in the team and technology required to deliver innovative new services, APIs, and payment rails that support embedded and real-time payments for any fintech service or software platform globally.
“While banks will always have an important role to play in B2B commerce, they have struggled to deliver the technology and services that businesses need to fully digitize domestic and international payments. Reserve Trust’s unique combination of a trust charter with a Federal Reserve master account allows us to create foundational payment and custody services delivered via APIs to enable innovation across the entire fintech ecosystem. The funding announced today, including leading investors across the fintech ecosystem, will go a long way to helping us continue to execute on this vision,” said Reserve Trust CEO Dave Wright.
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