Prime Trust Lands More Than $100 Million to Continue Powering Innovation

By Spencer Hulse Spencer Hulse has been verified by Muck Rack's editorial team
Published on June 22, 2022

Prime Trust is providing companies with financial infrastructure, which allows them to innovate without worry. Its all-in-one APIs are not only easy to use, but they allow for quick launch and secure scaling. Moreover, there is plenty of room for customization, and the company supports fiat currency, crypto, NFTs, and more. And now, with more than $100 million in additional funding, the company plans to expand into new offerings, which will help it serve even more innovators.

LAS VEGAS, June 22, 2022 /PRNewswire/ — Prime Trust, a leading provider of financial infrastructure for fintech and digital asset innovators, today announced that it has raised over $100 million in its Series B funding round. To date, Prime Trust has raised more than $170 million in funding and has become a category leader in infrastructure services for some of the world’s leading crypto exchanges, on ramps, wallet apps, ATSs, RIAs, broker dealers and banks.

A mix of new and existing investors have participated in the funding for the company’s Series B, which includes FIS, Fin Capital, Mercato Partners, Kraken Ventures, Commerce Ventures, William Blair & Company, Decasonic, University Growth Fund, Gaingels, GateCap Ventures, and Seven Peaks Ventures.

“FIS believes strongly in fostering a culture of innovation within our organization as well as within the broader fintech community,” said Rob Lee, President, FIS Impact Ventures. “Investing in an emerging leader in the Web 3 space is just one of the many ways FIS is accelerating fintech innovations for organizations of all sizes.”

“This strategic investment will provide critical operational expertise to further scale Prime Trust into new offerings including wealth products, as well as Web 3 and DeFi products,” said Tom Pageler, CEO of Prime Trust. “We’ve seen an unprecedented shift toward greater acceptance of digital assets among wealth managers and RIAs and, to that end, we launched the Prime Trust Crypto IRA, the first IRA solution with a seamless, single API integration. Our strategic investor relationships will enable us to continue to expand into new markets and deepen our commitment to helping our fintech and crypto clients to build and scale quickly, securely, and compliantly.”

Prime Trust supports some of the world’s largest brands such as Swan, Abra, Dapper Labs and Binance US and aims to help accelerate the global adoption of cryptocurrency. Whether the market is up or down, the efficiencies that Prime Trust provides still endure. The company’s offerings, such as fiat rails, compliance solutions, wallet technology and other plug and play products all come together in a quick and easy full stack to save clients time and money. Prime Trust streamlines all backend financial architecture quickly and at a competitive price, thus enabling clients to focus on their success, build their core businesses and serve their customers.

The company will use the new injection of $107 million of capital to continue investing in its products and services, as well as infrastructure to serve its global client base. The funding will help Prime Trust:

  • Launch new products like the Crypto IRA, Wealth and Staking products
    • Financial products like Crypto IRAs and Staking give people the ability to participate in crypto and build wealth through traditional and non-traditional means. With $37.5 trillion of American wealth in retirement accounts as of June 2022, Prime Trust’s Crypto IRAs are meeting the growing demand of the marketplace.
  • Enhance our ability to support tokenized products
    • Tokenized products create a new path for people and organizations to share or transfer ownership without a middleman. The technology is continuing to mature, but the industry has already seen multiple use cases of simplified trading and fundraising. Prime Trust anticipates its growth and further use in the decentralized and centralized worlds alike.
  • Increase investment in the stability and security of the Prime Trust Platform
    • Prime Trust is committed to providing outstanding service to enable customer success. To significantly improve the scalability of our platform, the company is updating its technology and migrating to a cutting-edge cloud architecture. Prime Trust is implementing modern Zero Trust security and bank-grade compliance to be the trusted platform of choice.

“Prime Trust has continued to hit hyper growth this past year despite the market volatility in the fintech and digital asset markets,” said Rodrigo Vicuna, CFO of Prime Trust. “With the company doubling revenue the last four years in a row, investor enthusiasm around Prime Trust has been extremely high and continues to outpace expectations.”

With nearly 700 fintech and digital asset clients, Prime Trust has established itself as a trusted partner among the fintech community with its innovative financial service APIs and security, regulatory, and compliance expertise. Since its Series A fundraise, announced in July 2021, Prime Trust has focused on making key hires, onboarding customers in new market segments, and creating better systems for maximum efficiency.

Prime Trust has achieved many new successes and milestones in the first half of 2022:

William Blair acted as exclusive financial advisor and Cooley LLP acted as legal advisor to Prime Trust on the Series B round.

The original press release can be found on Prime Trust’s website.

By Spencer Hulse Spencer Hulse has been verified by Muck Rack's editorial team

Spencer Hulse is the Editorial Director at Grit Daily. He is responsible for overseeing other editors and writers, day-to-day operations, and covering breaking news.

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