Prime Trust, a one-stop-shop for API-based financial infrastructure for fintech and digital asset innovators, has raised $107 million in a Series B funding round.
FIS, Fin Capital, Mercato Partners, Kraken Ventures, Commerce Ventures, William Blair & Company, Decasonic, University Growth Fund, Gaingels, GateCap Ventures, and Seven Peaks Ventures joined the round.
Prime Trust offers core financial service APIs and plug and play widgets that allow companies to launch quickly. It clams 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.
With the new funding in place, it is launching crypto IRA, wealth and staking products. It is also set to boost its ability to support tokenised products and migrate to a cloud architecture.
"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," says Tom Pageler, CEO, Prime Trust.