Treasury Prime hauls in $20m to develop its BaaS platform

CA-based Banking as a Service (BaaS) company Treasury Prime completed a $20m Series B insider round.

The round was co-led by Deciens Capital and QED Investors with participation from SaaStr Fund, Pacific Western Bank, and Susa Ventures. In conjunction with the funding, co-founder and managing partner at Deciens Capital Dan Kimerling will join the firm’s board of directors.

The capital comes around a year since the startup announced its Series A and around a year and a half since it raised its preceding round.

The company intends to use the funds to accelerate go-to-market programs and to expand sales, marketing and engineering teams.

Led by Chris Dean, Treasury Prime connects banks and FinTechs through an API allowing developers to build and launch apps quickly. Treasury Prime’s full integration into core banking systems gives developers access to a wide range of banking services from opening accounts to making payments to issuing cards.

The past few months have been busy for Treasury Prime as the company brought on new bank partners including Pacific Western Bank, which also participated in the funding round and Piermont Bank. It now boasts of more than 50 FinTech customers including landlord bank Zibo, shared banking app Zeta, cash management solutions provider MaxMyInterest and medical fund management company Ametros, among others.

Earlier this year, Treasury Prime entered into a partnership with Marqeta, the card-issuing platform that enables FinTechs to manage the entire card lifecycle using the same Treasury Prime API they use for every other banking service and to use Treasury Prime for program management services including network agreements, BIN management, fraud detection tools and custom card design, printing, packaging and shipping services.

Commenting on the firm’s growth, Kimerling said, “Treasury Prime is defining what it means to be a BaaS company. What Twilio did for communications, what Amazon did for cloud computing, Treasury Prime is doing for banking: delivering a great experience to developers and to business leads that make it possible to get to market in a highly regulated industry in record time.”

Echoing a similar sentiment, QED Investors partner Amias Gerety added, “Every FinTech needs to have a direct relationship with their bank to reach scale, and Treasury Prime is the only BaaS company that can truly be a partner to both banks and FinTechs.”

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