Prime Trust, a blockchain infrastructure firm that also provides crypto custody services, is planning a major expansion of its services following the close of a $64 million Series A round.
Traverse, Mercato Partners’ growth equity fund, led the round, which was backed by prominent venture capitalists. There were also participations from Samsung Next, Kraken Ventures, and Seven Peaks Ventures. This led to Tom Gonser from Seven Peaks Ventures and Zane Busteed from Mercato Ventures joining the board of Prime Trust.
Additionally, Samsung Next, Nationwide, Commerce Ventures, Ayon Capital, Kraken Ventures, STCAP, s20 Capital, Seven Peaks Ventures, Diverse Angels, University Growth Fund, and Nevcaut Ventures participated in the round, along with Samsung Next and Nationwide. This brings Prime Trust’s total funding raised to $69 million, an increase of 20 percent from last year.
In an interview with Reuters, Prime Trust’s CFO Rodrigo Vicuna explained that the funding will allow the company to pursue opportunities across the FinTech landscape. This is more than just the crypto space. Additionally, the startup aims to expand its team size, add new systems, and expand its B2B market share. This is in a range of sectors including crypto and digital assets exchanges, banks, consumer retailers, OTC desks, tokenized assets, wallets, and crowdfunding. By tying up with neo-banks and registered investment advisors, the company is now planning to delve deeper into the alternative investment space with plans to venture deeper into this sphere.
It provides FinTechs with APIs that cover the full infrastructure stack for payment systems, settlement services, know-your-customer, liquidity, and much more. According to its website, it is powering mission-critical infrastructure for many of the world’s leading crypto exchanges, NFT creators, digital wallets, ATSs, RIAs, broker-dealers, banks, and neobanks, including some of the biggest.
In terms of “plug and play” APIs, Prime Trust’s “plug and play” APIs are a central part of its business, which receives 250 million calls per month from clients like Binance.US, Kraken, Bittrex, and Strike. With over 250 million API calls processed per month, Prime Trust recently crossed a $100 million annual revenue run rate. It is expected to reach that milestone in the near future.
According to Vicuna, Prime Trust is continuing to surpass profitability and revenue projections in a significant way. As a result of this round, we are able to continue to accelerate our growth and are thrilled to have these strategic investors join our rocketship in order to accelerate our growth.”
After a $64 million Series A raise, FinTech infrastructure and crypto custody firm Prime Trust is planning a major expansion of its services.
Traverse was the round’s lead investor, with participation from Baring Private Equity.
There were nine investments: Prime Trust (a private equity fund focused on consumer technology companies), Samsung Next, Kraken Ventures, Seven Peaks Ventures, Guggenheim Digital, Mercato Partners, Nauticos, QED International and a strategic investor.
Samsung Next, Nationwide, Commerce Ventures, Ayon Capital, Kraken Ventures, STCAP, s20 Capital, Seven Peaks Ventures, Diverse Angels, University Growth Fund, Nevcaut Ventures, and others have invested in Prime Trusts, which is an excellent indication of how fast and how highly they value this company.Q:
CFO Rodrigo Vicuna said the funding will help five-year-old Prime Trust court opportunities across the FinTech landscape, not just crypto.
The startup is also looking to hire more engineers and expand its business to the United States and Australia. **The above preview is unedited. It has been machine-translated. If you have any questions regarding the quality of this translation, please send us an email.**
The company is now looking at alternative investment opportunities, partnering with neo-banks and registered investment advisors.
There is no more advanced financial technology than Prime Trust. It provides everything a fin-tech needs to power their mission critical infrastructure.
Prime Trust’s plug and play APIs are an “explosive” and central part of the business, with over 250 million calls by clients including Binance.US, Kraken, Bittrex and Strike every month.
Prime Trust is a highly scalable cloud-based SaaS that provides the most advanced fraud prevention platform on the market. It protects more than $50 billion in annual revenue for over 100,000 businesses.
Prime Trust continued to significantly exceed its profitability and revenue projections last quarter.
“We’re thrilled to have these strategic investors join our rocketship.