Financial infrastructure firm Prime Trust has raised $100 million in a Series B funding round to scale operations and broaden its product suite categories, according to a press release Wednesday (June 22).
The funding was backed by previous and new investors including FIS, Fin Capital, Mercato Partners, Kraken Ventures, Commerce Ventures, William Blair & Company, Decasonic, University Growth Fund, Gaingels, GateCap Ventures and Seven Peaks Ventures.
See also: State of Open Banking in Europe, Africa and the Middle East
“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,” Pageler said, adding that the company launched the Prime Trust Crypto IRA with a single application programming interface (API) integration.
The fresh capital will fuel the company’s expansion into new markets while also helping Prime Trust give its FinTech and crypto clients more ways to “build and scale quickly, securely, and compliantly,” Pageler said.
Read more: ‘Don’t Annoy Me’: A Cardinal Rule for Banks to Keep Consumers’ Trust
Prime Trust has raised more than $170 million in funding to date and provides infrastructure services for crypto exchanges, on-ramps, wallet apps, alternative trading systems (ATSs), registered investment advisors (RIAs), broker-dealers and banks.
The startup has nearly 700 FinTech and digital asset clients and supports some of the world’s largest brands, including Swan, Abra, Dapper Labs and Binance.US. The company said it’s striving to help accelerate the global adoption of cryptocurrency.
“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.”
Related: 4 Key Factors Creating Payments Friction Across MENA
Sign up here for daily updates on all of PYMNTS’ Crypto coverage.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More