SAN FRANCISCO, May 5, 2020 /PRNewswire/ -- Treasury Prime announced today that it has raised $9m in its Series A funding round. Led by Amias Gerety of QED Investors and with participation by Jason Lemkin of SaaStr and Hans Morris of NYCA Partners, the round builds on Treasury Prime's previous $2.5m Seed Round, bringing its total funding to date to $11.5m.
Treasury Prime is powering the future of banking with an API that enables banks to provide a modern interface to legacy backend infrastructures. This allows banks to seamlessly integrate with modern financial technology clients. By integrating directly with a bank's core banking system, Treasury Prime's automation drastically reduces the time and cost for onboarding new clients, all while fulfilling the banks' governance requirements. In this way, banks grow with deposits from a new client base, and fintechs can quickly offer secure digital banking services to their customers.
"We're tremendously happy with our growth so far, and this latest round of investment serves as a testament both to that success and our confidence in the future," said Chris Dean, Co-Founder and CEO of Treasury Prime. "We're thrilled to help banks grow and add more deposits with a new customer base, and to help growing technology companies find homes at institutions that suit their unique needs."
With Treasury Prime, fintechs are able to digitally open and manage FDIC insured accounts at scale, make sophisticated payments, and interact with other systems, all with automated fraud detection and audit trails built right into their own integrations. Treasury Prime eases the friction posed by interaction with legacy banking systems.
"Chris and his team have been working on this integration problem for years, and I couldn't be more excited to be part of their future," said Amias Gerety, Partner at QED Investors. "The partnerships Treasury Prime is enabling between cutting-edge technology companies and financial institutions will bring about a new wave of innovation and entrepreneurship, while also fostering the stability and regulatory compliance needed for long-term success."
About Treasury Prime
With deep knowledge in banking operations and technology, Treasury Prime is uniquely positioned to be a strong partner for banks and fintechs. This expertise delivers unprecedented agility to the banking industry. Recently, a Treasury Prime banking partner launched an SBA Payroll Protection Plan (PPP) application which processed over $1B in loans in three days.
Banks in search of back-office modernization, and fintechs in search of banking partners, should visit www.TreasuryPrime.com to learn more.
SOURCE Treasury Prime