Series B Raise Caps 12 Months of Accelerating Growth with New Bank Partners and Over 50 Fintech Customers
Treasury Prime, the leading Banking as a Service (BaaS) company, announced that it has completed a $20 million Series B insider round co-led by Deciens Capital and QED Investors and with participation from SaaStr Fund, and Susa Ventures. Dan Kimerling, co-founder and managing partner at Deciens Capital, will join the board of directors. The new capital will be used to accelerate go-to-market programs and to expand the company’s sales, marketing, and engineering teams.
Treasury Prime has seen dramatic growth over the last twelve months. The company has brought on new bank partners including Pacific Western Bank, which also participated in the funding round, and Piermont Bank, and now has more than 50 leading fintech customers including:
- Ametros, a provider of medical fund management and professional administration
- Bench, North America’s largest bookkeeping service for small businesses
- Challenger, a neobank for employers to sponsor financial services for their employees
- FirstDollar, a modern health care savings platform
- MaxMyInterest, a provider of innovative cash management solutions for financial advisors, their clients, and banks
- ZenBusiness, a startup that democratizes entrepreneurship by making it easy to start, run, and grow a business
- Zeta, a shared banking app for modern families
- Zibo, the landlord bank
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Earlier this year, Treasury Prime announced a partnership with Marqeta, the global modern card issuing platform, that enables fintechs to manage the entire card lifecycle using the same Treasury Prime API they use for every other banking service, and to use Treasury Prime for program management services including network agreements, BIN management, fraud detection tools, and custom card design, printing, packaging, and shipping services.
“We’re seeing an explosion of new fintech companies with brilliant ideas about bringing banking services to underserved consumer and commercial users. Our goal at Treasury Prime is to create a fantastic experience for fintechs to connect with banks so that they can bring these products to market as fast as possible,” said Chris Dean, co-founder and CEO at Treasury Prime. “We are really pleased to welcome back our previous investors in this Series B. Raising an insider round is a testament to the progress we’ve made and the vision we’ve defined.”
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Many BaaS vendors have focused on providing services solely to fintechs, and they often minimize or ignore the value that banks bring to a fintech partnership. In contrast, Treasury Prime is creating a scalable and profitable ecosystem of fintechs and banks so fintechs can get to market in days, not months. Treasury Prime ensures that fintechs have a direct relationship with their bank partner as well as with their technology provider. For a fintech company whose core business relies on embedded banking services, having direct relationships with these two partners is mission critical.
“Treasury Prime is defining what it means to be a BaaS company,” said Dan Kimerling, co-founder and managing partner, Deciens Capital. “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 makes it possible to get to market in a highly regulated industry in record time.”
“Every fintech needs to have a direct relationship with their bank to reach scale, and Treasury Prime is the only BaaS company that can truly be a partner to both banks and fintechs,” said Amias Gerety, Partner, QED Investors. “Treasury Prime has a clear vision of how technology companies, fintechs and banks can partner to deliver the full suite of banking products through software. Treasury Prime has impressive market traction because their technology doesn’t just automate connections, it strengthens operational and governance controls that allow both fintechs and banks to scale and grow.”
