API-based financial infrastructure provider Prime Trust pulls in $64m Series A

July 30, 2021

FinTech infrastructure and crypto custody firm Prime Trust is planning a major expansion of its services after a $64m Series A.

The round was led by Mercato Partners’ growth equity fund, Traverse. Nationwide, Samsung Next, Kraken Ventures and Seven Peaks Ventures also participated, with Seven Peaks’ Tom Gonser and Mercato’s Zane Busteed joining Prime Trust’s board.

Samsung Next, Nationwide, Commerce Ventures, Ayon Capital, Kraken Ventures, STCAP, s20 Capital, Seven Peaks Ventures, Diverse Angels, University Growth Fund and Nevcaut Ventures also participated in the round, which increases Prime Trusts total funding raised to $69m.

CFO Rodrigo Vicuna said the funding will help five-year-old Prime Trust court opportunities across the FinTech landscape, not just crypto. In addition, the startup aims to increase its team size, add systems and expand its B2B market share in crypto digital asset exchanges, banks, consumer retailers, OTC desks, tokenized assets, wallets and crowdfunding. The company is now also planning to delve deeper into the alternative investments space through tie-ups with neo-banks and registered investment advisors.

Prime Trust provides payment, settlement, know-your-customer and liquidity APIs that covers the full infrastructure stack for FinTechs. It claims to power mission-critical infrastructure for many of the world’s leading crypto exchanges, NFT creators, digital wallets, ATS’, RIAs, broker-dealers, banks, and neobanks.

Prime Trust’s “plug and play” APIs are an “explosive” and central part of the business, with 250 million calls by clients including Binance.US, Kraken, Bittrex and Strike per month. Prime Trust recently crossed a $100m annual revenue run rate and processes over 250 million API calls per month for its customers.

Vicuna said, “Prime Trust continues to significantly exceed profitability and revenue projections. This round is key to further accelerating the growth we’ve had this year, and we’re thrilled to have these strategic investors join our rocketship.”