Banking-as-a-service (BaaS) startup Treasury Prime closed a $20 million Series B insider funding round that it will use to gain momentum in go-to-market programs and add more talent to expand its sales, marketing and engineering teams.
“We’re seeing an explosion of new FinTech companies with brilliant ideas about bringing banking services to underserved consumer and commercial users,” Treasury Prime Co-Founder and CEO Chris Dean said in a Wednesday (May 12) press release.
The funding round was co-led by Deciens Capital and QED Investors, with participation from SaaStr Fund and Susa Ventures.
Headquartered in Silicon Valley, Treasury Prime has experienced an explosive uptick in growth over the past year and now counts Pacific Western Bank and Piermont Bank among its partners. The company also has 50 customers from leading FinTechs.
“Treasury Prime is defining what it means to be a BaaS company,” said Deciens Capital Co-Founder and Managing Partner Dan Kimerling, who will join the Treasury Prime board of directors. “What Twilio did for communications, what Amazon did for cloud computing, Treasury Prime is doing for banking: delivering a great experience to developers and to business leads that make it possible to get to market in a highly regulated industry in record time.”
The company said it is “creating a scalable and profitable ecosystem” of FinTechs and banks to help FinTechs get to market faster.
Treasury Prime raised $9 million last year in a Series A funding round that followed the startup’s $2.5 million seed round. Treasury Prime’s API enables banks to offer the latest interface to legacy backend technologies.
End-to-end BaaS models are a necessity for traditional banks as they grapple with the needs of potential new customers and juggle the latest innovations. NovoPayment CEO Anabel Pérez told Karen Webster in a PYMNTS interview that many banks in Latin America are now confronting the challenges of digital-first banking.
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