Prime Trust Secures $64 Million in Series A Funding

Prime Trust, the technology-driven financial institution that provides financial infrastructure for fintech innovators, announced that it has raised $64 million in a Series A funding round led by the venture capital firm Mercato Partners with the participation from Samsung Next, Nationwide, Commerce Ventures, Ayon Capital, and Kraken Ventures, among others.

Prime Trust offers core financial service APIs and other technology-driven infrastructure solutions for fintech firms looking to build and scale their services. The company claims that the new funds will be used to continue its growth as it looks to expand into new markets in payments and alternative assets including wealthtech, neobanks, registered investment advisers and alternative trading systems.

"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.

"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.