Treasury Prime raises $20m in Series B cash to fuel BaaS expansion
Treasury Prime, a San Francisco-based Banking-as-a-Service (BaaS) firm, has raised $20 million in a Series B funding round.
Deciens Capital and QED Investors co-led the round, which also featured returning backers Susa Venturea and SaaStr Fund.
Targeting banks and financial institutions, Treasury Prime offers automation software which aims to streamline back-office workflows.
It provides services for payments, automatic reconciliation, bank connectivity through APIs, and continuous accounting.
The firm is planning using its new cash for an expansion of its business capabilities in anticipation of more demand.
CEO, Chris Dean, says that the firm has yet to dip into the funds it raised in its $9 million Series A from 2020.
He tells TechCrunch his firm is “super capital efficient”, but that it had run into a bottleneck in terms of being able to quickly onboard new customers and businesses.