Reserve Trust raises $30.5m in Series A, appoints new CEO
Business-to-business (B2B) payments firm Reserve Trust has raised $30.5 million in a Series A investment round led by QED Investors.
The round, which includes $17.9 million in secondary shares, also saw participation from FinTech Collective and Ardent Venture Partners.
Reserve Trust, the first fintech company in the US to hold a Federal Reserve master account, says it can provide payments services previously available only through correspondent banks.
The fintech partners with businesses to facilitate “domestic and cross-border B2B payments”. It says it can bypass traditional banks and offer direct access to key high-value payment rails.
In conjunction with the fundraise, Reserve Trust also announced that Dave Wright has been named CEO and Dave Cahill has joined the company as COO.
The pair worked together on the executive team at SolidFire, a cloud storage company founded by Wright and then sold to NetApp in 2016.
“While banks will always have an important role to play in B2B commerce, they have struggled to deliver the technology and services that businesses need to fully digitise,” says Wright.
“Reserve Trust’s unique combination of a trust charter with a Federal Reserve master account allows us to create foundational payment and custody services delivered via APIs to enable innovation across the entire fintech ecosystem.”