Prime Trust, a Las Vegas Based Crypto and fintech API company, announced a $100M Series B, led by FIS, Fin Capital, Mercato Partners, and Kraken Ventures.
The firm has so far raised $170 million to build crypto onramps and provide custody for broker-dealers, banks, and retirement companies.
Tom Pageler, CEO of Prime Trust, said the firm’s investor relationships work toward expanding into new markets to enable firms to build and scale quickly, securely, and compliantly.
“This strategic investment will provide critical operational expertise to further scale Prime Trust into new offerings including wealth products, as well as Web3 and DeFi products,” he said.
“We’ve seen an unprecedented shift toward greater acceptance of digital assets among wealth managers and RIAs. To that end, we launched the Prime Trust Crypto IRA, the first IRA solution with seamless, single API integration.”
Solutions for all market seasons
Prime Trust supports some of the world’s largest brands like Abra, Dapper Labs, and Binance US. The company said in a statement that comes crypto winter, spring, or summer; they help provide solutions that endure. They offer fiat rails, compliance, wallet tech, and complete stack offerings.
Rob Lee, President of FIS Impact Ventures, said the firm believes in building innovation and infrastructure in the space.
“FIS believes strongly in fostering a culture of innovation within our organization and the broader fintech community,” Lee said. “Investing in an emerging leader in the Web 3 space is just one of the many ways FIS accelerates fintech innovations for organizations of all sizes.”
The company will use the new injection of capital to invest in its products and services and as infrastructure to serve its global client base.
Specifically, they plan to launch a Crypto IRA option in the fall after its debut earlier in the year.
The firm cited the stat that 75% of American wealth lies in retirement accounts, and they hope Crypto IRAs meet the demand for new assets in massive coffers.
Investor enthusiasm is ‘extremely high’
They plan to build tokenized products to help organizations transfer ownership within an internal ecosystem, simplifying trading and fundraising.
The statement read that Prime Trust hopes to safeguard and promote liquidity in a centralized and decentralized world.
The firm also said it set aside proceeds of the round toward security, updating cloud architecture, and implementing “Zero Trust security” to meet bank-grade compliance.
CFO Rodrigo Vicuna said the firm is on a hot streak, doubling revenue and winning awards through 2022.
“Prime Trust has continued to hit hyper growth this past year despite the market volatility in the fintech and digital asset markets,” he said. “With the company doubling revenue the last four years, investor enthusiasm around Prime Trust has been extremely high and continues to outpace expectations.”
In the first half of 2022 alone, the firm debuted Crypto IRA products and received a certification in SOC 2 Type 2, among other security and data management standards.
The firm was placed on the CB Insights Blockchain 50 list, named a Great Place to Work, and one of America’s Best Startup employers. The firm serves 700 fintech and digital asset clients and was last raised in July 2021.