Embedded banking platform Treasury Prime has raised $40 million a Series C funding round led by BAM Elevate.The firm will use the new funding to build out its bank network, launch a marketplace offering and broaden its market presence. The Banc Funds Company, Invicta and existing investors Deciens, QED and SaaStr joined the round. Treasury Prime’s API suite and embedded banking products is used by firms to connect to a network of 16 banks, enabling them to offer a range of financial services.
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Chris Dean, CEO, Treasury Prime, says: “Embedded banking is remaking and modernising the financial services industry. “It provides banks lower-cost deposits, enhances product offerings and expands their footprint while enterprise clients benefit from increased satisfaction, higher retention and lower cost of capital.”
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