Treasury Prime has raked in $9m in a Series A funding round for helping fintechs integrate with core banking operations.
The funding round was led by Amias Gerety of QED Investors who was joined by Jason Lemkin of SaaStr and Hans Morris of NYCA Partners.
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The latest infusion brings the total amount raised by the company to date to $11.5m.
The company will use the funding to help banks automate their operations and enable seamless integration for fintechs leveraging its API banking platform.
Treasury Prime is expected to bridge the gap between legacy banking technology and the modern digital services required by the fintechs.
The integration is expected to significantly reduce the time and cost for new client onboarding, while meeting regulatory requirements.
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By GlobalDataThis will help the banks grow deposits from new clients as well as enable fintechs to offer secure digital banking services.
The integration includes automated fraud detection and audit trails, enabling fintechs to digitally open and manage FDIC-insured accounts at scale, make payments, and interact with other systems.
Treasury Prime co-founder and CEO Chris Dean said: “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.
“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.”
