Fintech

API-based financial infrastructure provider Prime Trust raises $64 million Series A

Prime Trust, a company providing fintech and digital asset innovators financial infrastructure APIs, announced raising a $64 million Series A led by Mercato Partners, according to a press release.

The company says it will use the funding to increase its team size, add systems and expand its B2B market share in crypto digital asset exchanges, banks, consumer retailers, OTC desks, tokenized assets, wallets and crowdfunding.

“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,” CEO Tom Pageler told Crowdfund Insider.

Samsung Next, Nationwide, Commerce Ventures, Ayon Capital, Kraken Ventures, STCAP, s20 Capital, Seven Peaks Ventures, Diverse Angels, University Growth Fund and Nevcaut Ventures also participated in the round, which increases Prime Trusts total funding raised to $69 million.

Prime Trust recently crossed a $100 million annual revenue-run rate and processes over 250 million API calls per month for its customers, according to Private Equity Wire. The company’s services include plug-and-play widgets that enable businesses to quickly scale services, tackling the challenges fintech startups face in turning ideas into services.

“Prime Trust solves this with fast, flexible and secure technology that innovators can use to create products catering to new markets and customers,” Mercato Partners Traverse Fund principal investor Zane Busteed told Crowdfund Insider.

Busteed and Tom Gonser of Docusign and Seven Peaks Ventures will join Prime Trust as a result of the funding round.

“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 revolutionise the future of finance,” Gonser told Private Equity Wire.

In other recent fintech news, Citizens Financial Group acquired Investors Bancorp, Investors Bank’s holding company in cash and stock for approximately $3.5 billion. Family finance app Spriggy also announces raising a $35 million Series A, led by NAB Ventures.

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