Prime Trust, a financial API-based trust company, has announced that it has raised $64 million in Series A funding that was led by Mercato Partners.
This investment comes into the company at a time when its revenue has crossed $100 million a year and it now processed over 250 million API calls for businesses every month. The other participants in the funding round included Samsung Next, Nationwide, commerce ventures, and others as well.
“We are experiencing an explosion of new financial services driven by digital native consumers, and nontraditional markets and assets. The biggest challenge is turning these ideas into user-ready services. Prime Trust solves this with fast, flexible, and secure technology that innovators can use to create products catering to new markets and customers,” said Zane Busteed, principal investor at Mercato Partners Traverse Fund.
The company’s APIs are used by many businesses to quickly integrate into the monetary system and launch their services quickly. These APIs are a boon for companies that have for long, been forced to struggle with legacy systems which made integration very difficult. The company says that it powers the infrastructure of many crypto exchanges, digital wallets, banks, and other financial firms.
“The vision for Prime Trust was always clear – take the pain out of innovating in financial services. This round of funding will accelerate our ability to keep up with the needs of fintech innovators across a huge variety of applications in payments and alternative assets,” said Tom Pageler, CEO of Prime Trust.
The company has said that the new funding would be used to expand the resources and personnel and the company would also look to increase its B2B market share. The company would also be looking to expand globally into other markets that include neobanking, wealth tech, and other such areas. This API industry is expected to grow tremendously in the coming years as the financial systems are brought under a single umbrella all around the world and the company would be looking to ride this wave in the future.