Financial infrastructure firm Prime Trust secures $64m Series A funding
Las Vegas-based fintech Prime Trust has raised $64 million in a Series A funding round led by Mercato Partners.
The fintech was founded in 2016
The round also featured participation from Samsung Next, Nationwide, Commerce Ventures, Ayon Capital, and Kraken Ventures, among others.
Prime Trust offers core financial service APIs and other technology-driven infrastructure solutions for fintech firms looking to build and scale their services.
The firm claims to have crossed $100 million in annual revenue run rate and 250 million API calls per month from its B2B customers.
Prime Trust also serves as a custodian and trustee for personal and corporate trusts, as well as for crowdfunding platforms. The company completed the acquisition of crowdfunding regtech firm FundAmerica in 2018.
The new funds will be used to continue its growth as it looks to expand into new markets in payments and alternative assets including wealthtech, neobanks, registered investment advisers and alternative trading systems.
CEO of Prime Trust, Tom Pageler, adds his company aims to “take the pain out of innovating in financial services”, and the new funding will help the firm “keep up with the needs of fintech innovators”.
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 as part of the raise.
