Prime Trust, one of the prominent providers of financial infrastructure, announced yesterday that it has raised more than $100 million in its Series B funding round. Some of the investors who participated in the latest investment round include FIS, Fin Capital, Mercato Partners, Kraken Ventures, Commerce Ventures, William Blair & Company and Seven Peaks Ventures.
With the Series B round of more than $100 million, Prime Trust has now secured a total of over $170 million in funding. The new capital will help the company in the expansion of its products and services, including the introduction of Crypto IRA, Wealth and Staking products.
Commenting on the latest funding announcement, Tom Pageler, the CEO of Prime Trust, said: “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. We've seen an unprecedented shift toward greater acceptance of digital assets among wealth managers and RIAs and, to that end, we launched the Prime Trust Crypto IRA, the first IRA solution with seamless, single API integration.”
In addition, the funding will help Prime Trust increase its ability to support tokenized products. The company has more than 700 fintech and digital asset clients.
Growth
Since its Series A funding round in July 2021, Prime Trust has increased its operations. In the first half of 2022, Prime Trust announced the debut of its innovative Crypto IRA beta products.
"Prime Trust has continued to hit hyper growth this past year despite the market volatility in the fintech and digital asset markets," said Rodrigo Vicuna, the CFO of Prime Trust. "With the company doubling revenue the last four years in a row, investor enthusiasm around Prime Trust has been extremely high and continues to outpace expectations."
The full launch of Prime Trust’s Crypto IRA is expected later this year.
