Financial Infrastructure Innovator, Prime Trust Raises $64M In New Funding As Annual Revenue Run Rate Crossed $100M Mark

Jul 28, 2021•almost 4 years ago

Amount Raised

$64 Million

Las Vegas

Description

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.

Company Information

Company

Prime Trust

Location

Las Vegas, Nevada, United States

About

Nowadays, the race between fintechs has much more to do with consolidation and which companies can build a holistic, “one-stop-shop” by bringing those different products onto one platform. Crypto custody and fintech infrastructure startup Prime Trust is positioning itself to do just that, and the company has just raised over $100 million in fresh funding to add new products to its existing suite, its CFO Rodrigo Vicuna told TechCrunch. The Las Vegas, Nevada-based company’s latest round is a Series B featuring a mix of existing 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, the company said. The firm serves around 700 customers, ranging from crypto exchanges, on-ramps, wallet apps, ATSs, RIAs, broker-dealers and banks, according to Vicuna. In addition to launching new products, the company also plans to enhance its support for tokenized products such as NFTs as well as to invest in security and scalability improvements including a new cloud architecture, he added.

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