Treasury Prime, a Banking-as-a-Service startup that connects banks and fintechs through an API, has raised $20 million in a Series B insider round co-led by Deciens Capital and QED Investors.
Treasury Prime's API suite integrates directly with a bank's core banking system to provide a modern interface for digital onboarding. The firm also provides fintechs with a means to ease the friction posed by interaction with legacy systems for managing FDIC-insured accounts in the provision of payments and fraud detection.
The firm has seen strong growth over the last year, signing up new bank partners Pacific Western and Piermont and building up a roster of more than 50 fintech customers.
Earlier this year, it also scored a deal with card issuing platform Marqeta, enabling fintechs to manage the entire card lifecycle using the same Treasury Prime API they use for every other banking service.
Chris Dean, CEO, Treasury Prime, says: "We're seeing an explosion of new fintech companies with brilliant ideas about bringing banking services to underserved consumer and commercial users. Our goal at Treasury Prime is to create a fantastic experience for fintechs to connect with banks so that they can bring these products to market as fast as possible."