Treasury Prime bags $40m in Series C funding
US-based embedded banking software provider Treasury Prime has raised $40 million in a Series C funding round led by BAM Elevate.
The round also saw participation from new investors The Banc Funds Company and Invicta as well as Series B investors Deciens, QED and SaaStr.
Treasury Prime will use the fresh cash to continue building out its solution, which is currently being used by 16 banks, as well as develop new products and services including lending options and a marketplace offering.
The company last raised $20 million in a Series B funding round in May 2021. The latest round brings the firm’s total capital raised to over $70 million to date.
Since May 2021, the start-up claims to have seen an account growth rate of more than 450% and revenue growth of nearly 400%.
Founded in 2017, the San Francisco-based firm builds APIs to enable banks and their enterprise partners to automate banking operations, including money transfer and risk mitigation.
Chris Dean, co-founder and CEO of Treasury Prime, says embedded banking “provides banks with lower-cost deposits, enhances product offerings and expands their footprint while enterprise clients benefit from increased satisfaction, higher retention and lower cost of capital”.