LAS VEGAS, July 28, 2021 /PRNewswire/ -- Prime Trust, the one-stop shop for financial infrastructure for fintech innovators, today announced the close of its $64 million Series A round. The timing of the raise coincides with the firm having crossed $100M in annual revenue-run rate and 250 million API calls per month from its B2B customers. This is the first institutional round of funding for Prime Trust.
Led by Mercato Partners, the round also includes 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. Along with the raise, Zane Busteed, a principal investor at Mercato Partners Traverse Fund, and Tom Gonser, of Docusign and Seven Peaks Ventures, will join Prime Trust's board of directors.
"We are experiencing an explosion of new financial services driven by digital native consumers, and nontraditional markets and assets," said Zane Busteed, principal investor at Mercato Partners Traverse Fund. "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."
Tom Gonser says, "It's amazing to see a company with the same explosive potential that I saw in the early days of DocuSign. Similar to how e-signatures radically changed the way we do business, Prime Trust's infrastructure will revolutionize the future of finance."
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.
"Prime Trust continues to significantly exceed profitability and revenue projections. This round is key to further accelerating the growth we've had this year, and we're thrilled to have these strategic investors join our rocketship," said Rodrigo Vicuna, CFO of Prime Trust.
The raise will also allow 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.
To learn more about Prime Trust and the company's incredible technology, please visit https://www.primetrust.com.
About Prime Trust
Prime Trust is the one-stop-shop for financial infrastructure for fintech and digital asset innovators. We offer core financial service APIs and plug and play widgets that allow companies to launch quickly and scale securely. Prime Trust powers mission-critical infrastructure for many of the world's leading crypto exchanges, NFT creators, digital wallets, ATS', RIAs, broker dealers, banks, and neobanks. Prime Trust has top engineering talent along with executives that have regulatory and financial services backgrounds from the OCC, SEC, Federal Reserve, Department of Justice, US Treasury/Secret Service, Wyoming Banking Division, JPMorgan Chase, Green Dot, American Express, PNC, Bank of America, and Visa. For more information, visit www.primetrust.com.
SOURCE Prime Trust