San Francisco-based Treasury Prime recently announced that it has raised $9mn in its Series A funding round.
The funding round led by Amias Gerety of QED Investors with participation by Jason Lemkin of SaaStr and Hans Morris of NYCA Partners.
The recent funding round builds on Treasury Prime’s previous $2.5mn seed round. With the latest fund infusion, the company’s total funding nears $11.5mn.
Treasury Prime is powering the future of banking with an API that enables banks to provide a modern interface to legacy backend infrastructures. This allows banks to seamlessly integrate with modern financial technology clients.
By integrating directly with a bank’s core banking system, Treasury Prime’s automation drastically reduces the time and cost for onboarding new clients, all while fulfilling the banks’ governance requirements. In this way, banks grow with deposits from a new client base, and fintech can quickly offer secure digital banking services to their customers.
“We’re tremendously happy with our growth so far, and this latest round of investment serves as a testament both to that success and our confidence in the future,” said Chris Dean, Co-Founder and CEO of Treasury Prime.
He further added, “We’re thrilled to help banks grow and add more deposits with a new customer base, and to help growing technology companies find homes at institutions that suit their unique needs.”
With Treasury Prime, fintech is able to digitally open and manage FDIC insured accounts at scale, make sophisticated payments, and interact with other systems, all with automated fraud detection and audit trails built right into their own integrations. Treasury Prime eases the friction posed by interaction with legacy banking systems.
“Chris and his team have been working on this integration problem for years, and I couldn’t be more excited to be part of their future,” said Amias Gerety, Partner at QED Investors.
“The partnerships Treasury Prime is enabling between cutting-edge technology companies and financial institutions will bring about a new wave of innovation and entrepreneurship, while also fostering the stability and regulatory compliance needed for long-term success,” he added.
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