Prime Trust lands $107m to expand into new verticals

Prime Trust, a provider of financial infrastructure for FinTech and digital asset innovators, has raised $107m in Series B funding.

Participating in the round were FIS, Fin Capital, Mercato Partners, Kraken Ventures, William Blair & Company, Decasonic, Commerce Ventures, University Growth Fund, Seven Peaks Ventures, Gaingels and GateCap Ventures.

To date, Prime Trust has raised over $170m since inception. The company claims it has become a category leader in infrastructure services for some of the world’s leading crypto exchanges on ramps, wallet apps, broker dealers, banks and ATSs RIAs.

Prime Trust’s offerings – such as fiat rails, wallet technology and compliance solutions – all come together in a way the firm claims helps to save clients time and money. The company streamlines all backend financial architecture quickly and at a competitive price.

Prime Trust will use the newly raised capital to continue investing in its products and services as well as its infrastructure to serve its global client base. The funding will help the business launch new products, enhance its ability to support tokenised products and increase investment in the stability and security of its platform.

Since its $64m Series A raise in July 2021, Prime Trust claims it has focused on making key hires, onboarding customers in new market segments, and creating better systems for maximum efficiency.

Prime Trust CEO Tom Pageler said, “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.

“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.”

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