Treasury Prime, an embedded banking software platform, has collected $40m in its Series C funding round, which was led by BAM Elevate.
Other commitments to the round came from The Banc Funds Company and Invicta, as well as Series B investors Deciens, QED and SaaStr.
The embedded banking software platform will use the fresh capital to enhance its multi-bank network solution. It will also develop new products and services, including lending options and an integrated partner marketplace solution.
Finally, funds will be put towards enhancing its strategy, broadening its offerings to provide services to a variety of enterprise and bank partners.
The FinTech company’s mission is to transform the future of finance through APIs and embedded banking. Its technology supplies banks with the tools to integrate a variety of banking services, including money transfer, risk mitigation and access to a chartered bank’s infrastructure.
Treasury Prime co-founder and CEO Chris Dean said, “Embedded banking is remaking and modernising the financial services industry. It provides banks lower-cost deposits, enhances product offerings and expands their footprint while enterprise clients benefit from increased satisfaction, higher retention and lower cost of capital.
“This latest round of funding is affirmation that Treasury Prime is in an optimal position to capitalise on this market opportunity and confirmation that we’re delivering value to banks, enterprises and partners alike.”
This Series C comes two years after the embedded banking software platform closed its Series B, which had a capital pool of $20m.
Since then, Treasury Prime has seen an account growth rate of 450% and a revenue growth of around 400%. It also established top-tier business relationships with FIS, Jack Henry and Plaid.
Prior to that, the FinTech company raised $9m for its Series A funding round, which was led by QED Investors partner Amias Gerety.
Copyright © 2023 FinTech Global
