Reserve trust, a Denver-based fintech startup, announced the raising of $30.5 million in Series A investment to continue facilitating global high-value B2B payments.
The funding round was led by QED Investors and counted with the participation of other firms like FinTech Collective and Ardent Venture Partners. Having raised $5 Million in a seed round back in October 2019, the startup has now raised $30.5 million. QED Investors Partner Amias Gerety referred to its firm’s participation by stating:
“Despite all the excitement around digital payments and infrastructure, there is still no fintech that can offer direct integration with the U.S. payment system. With Reserve Trust, we are creating foundational infrastructure to hold and move payments globally and at scale. Dave Wright and the team bring a track record of immense value creation and a history of being at the forefront of infrastructure innovation that is essential to unlocking capabilities for innovators in B2B payments.”
Reserve Trust, which recently appointed Dave Wright as its CEO and Dave Cahil as COO, is providing B2B payments services to remove the need from correspondent and sponsor banks. The startup counts with a Federal Reserve master account that allows it to provide customers with custody accounts to store funds. Reserve Trust CEO Dave Wright referred to the need for alternatives to the traditional system offered by banks by saying:
“While banks will always have an important role to play in B2B commerce, they have struggled to deliver the technology and services that businesses need to fully digitize domestic and international payments. Reserve Trust’s unique combination of a trusted charter with a Federal Reserve master account allows us to create foundational payment and custody services delivered via APIs to enable innovation across the entire fintech ecosystem. The funding announced today, including leading investors across the fintech ecosystem, will go a long way to helping us continue to execute on this vision.”
As part of the funding agreement, QED’s Matt Burton and Ardent’s Phil Bronner will be joining Reserve Trust’s board of directors.