Fintech infrastructure startup Prime Trust raises $100 million to add IRA, crypto staking – Meczyki.Net

There has been a wide spread of fintech services over the past few years, during which fintech companies compete to develop new products faster than their competitors. Nowadays, the race between fintechs has much to do with consolidation and which companies can create a holistic, “one-stop-shop” by bringing those different products on a single platform.

Crypto Custody and Fintech Infrastructure Startups prime trust Its CFO Rodrigo Vicuna told Meczyki.Net that it is positioning itself to do just that, and that the company has raised more than $100 million in new funding to add new products to its existing suite. The Las Vegas, Nevada-based company’s latest round is a Series B Series B with a mix of existing and new investors including FIS, Fin Capital, Mercato Partners, Kraken Ventures, Commerce Ventures, William Blair & Company, Decasonic, University Growth Fund, Gangels, and more. GetCap Ventures and Seven Peaks Ventures, the company said.

Prime Trust previously raised $64 million from investors in the summer of last year, five years after its inception. Since that last fundraising, Vicuna said, Prime Trust has expanded its team into multiple areas, including R&D, product and engineering, sales and compliance, bringing its total to 400 today.

According to Vicuna, the firm serves around 700 clients ranging from crypto exchanges, on-ramp, wallet apps, ATS, RIAs, broker-dealers and banks. He said Prime Trust plans to use the new funds to launch a crypto-focused IRA retirement account as well as wealth management and crypto staking products.

Prime Trust’s current suite of offerings can be broken down into three main stacks, Vicuna explained — “onboarding,” which includes compliance and rail, “monetization,” which includes functions such as trading and custody, and “liquidity.” , which he said includes IRAs and business-related products.

“Most people get into the onboarding piece first, because it’s essential, right? You need to be AML, KYC BSA compliant, and you need to be able to provide rails in and out of your platform. I would say that’s part of the business. There was the traditional tip of the spear, and now a lot of people are saying, hey, well, this is table steak, we want this other stuff,” Rodrigo said.

He added that in addition to launching new products, the company also plans to invest in security and scalability improvements, including a new cloud architecture, as well as increasing its support for tokenized products such as NFTs.

“Getting support for the full spectrum of non-fungibility for fungability is what we do as a core back-end provider for the overall space and a very important part of being able to support a wide range of use cases Is part of. [of blockchain] Beyond any one asset class,” said Vikuna.

The crypto infrastructure space is relatively busy, with startups of all stages such as Blockdaemon and Crypto competing for share. In Vicuna’s view, Prime Trust stands out because its suite of products is “very broad,” an advantage for the company’s institutional clients who want to take advantage of and choose what aspects of the platform.

While it has been a tough fundraising environment for crypto startups over the past few months, Vicuna said Prime Trust’s latest round was oversubscribed. He said he sees investor interest reflecting the company’s status as a “picks-and-shovels” player, providing the underlying technology for many fintech and crypto companies to grow.

“We both had the advantage of planning early, but also being in the right place at the right time,” Vicuna said.

“We are really betting on adoption. I think taking a step back, has the macro market impacted the investment world? It is, yes. Was it difficult for us to sail? Not really. .. People were really excited about the core back-end infrastructure of the market. They want to bet that on adoption, and they believe it will be up and to the right, despite the volatility.”