Total amount raised
$71.5 Millions
Latest funding date
9/1/2022
Location
Treasury Prime has successfully raised significant funding over multiple rounds, attracting a diverse group of investors including SaaStr and The Banc Funds. The company offers a robust Banking-as-a-Service platform that connects banks and FinTechs through a comprehensive API.
Keep reading to explore the intricacies of Treasury Prime's fundraising journey and the investors backing this innovative platform.
What Is Treasury Prime?
Treasury Prime, founded in 2017 by Chris Dean and Jim Brusstar, is headquartered in San Francisco, California. The company specializes in Banking-as-a-Service, connecting banks and FinTechs through a comprehensive API platform.
With a team of 51-100 employees, Treasury Prime offers a range of services including account opening, payments, card issuance, and compliance support. Their platform aims to modernize banking operations and enhance partnerships between financial institutions and technology companies.
Operating remotely from North America, Treasury Prime continues to innovate in the embedded banking space, providing developers with the tools needed to integrate a wide array of banking services seamlessly.
How Much Funding Has Treasury Prime Raised?
- Seed Round
- Amount Raised: $2.5M
- Date: January 2018
- Lead Investors: Y Combinator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial version of their Banking-as-a-Service platform and bring it to market.
- Series A
- Amount Raised: $9M
- Date: May 2020
- Lead Investors: Amias Gerety, Jason Lemkin, John C. Morris
- Valuation at Round: Just over $40M
- Motivation Behind the Round: To support initial growth and bring their banking APIs to market.
- Series B
- Amount Raised: $20M
- Date: May 2021
- Lead Investors: Deciens Capital, QED Investors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate go-to-market programs and expand sales, marketing, and engineering teams.
- Series C
- Amount Raised: $40M
- Date: September 2022
- Lead Investors: BAM Elevate
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance their platform's capabilities.
Total Amount Raised: $71.5M. Current Valuation: Not publicly disclosed.
Key Investors
- Y Combinator
- Details: Y Combinator is a renowned startup accelerator that has funded over 2,000 startups since its inception in 2005. It provides seed funding, mentorship, and resources to early-stage companies.
- Investment Focus Areas: Technology, FinTech, Healthcare
- Notable Investments: Airbnb, Dropbox, Stripe
- Deciens Capital
- Details: Deciens Capital is a venture capital firm that focuses on early-stage investments, particularly in fintech and technology-driven companies. Dan Kimerling, co-founder and managing partner, joined Treasury Prime's board of directors.
- Investment Focus Areas: FinTech, Technology, Early-Stage Companies
- Notable Investments: Chime, Tala, Branch
- QED Investors
- Details: QED Investors is a leading venture capital firm specializing in early-stage, disruptive financial services companies. The firm has a strong track record of investing in successful fintech startups.
- Investment Focus Areas: FinTech, Financial Services, Technology
- Notable Investments: Credit Karma, SoFi, Avant
- Susa Ventures
- Details: Susa Ventures is a seed-stage venture capital firm that invests in technology and innovation-driven companies. The firm focuses on supporting founders with a long-term vision.
- Investment Focus Areas: Technology, FinTech, Enterprise Software
- Notable Investments: Robinhood, Flexport, Andela
- SaaStr Fund
- Details: SaaStr Fund is a venture capital firm that invests in early-stage SaaS (Software as a Service) companies. The firm is known for its extensive community and resources for SaaS founders.
- Investment Focus Areas: SaaS, Technology, Early-Stage Companies
- Notable Investments: Algolia, Talkdesk, Mixmax
What's Next for Treasury Prime?
Treasury Prime stands at the cusp of significant growth opportunities. With the recent $20 million Series B funding, the company is poised to accelerate its go-to-market programs and expand its sales, marketing, and engineering teams. The partnerships with banks like Pacific Western Bank and Piermont Bank, along with the collaboration with Marqeta for comprehensive card lifecycle management, position Treasury Prime to tap into a broad market beyond neobanks, offering integrated banking tools for various business categories.
Future fundraising opportunities seem promising as the company continues to grow and attract more fintech customers. The successful Series B round and the expansion plans suggest that additional funding rounds could be on the horizon. However, Treasury Prime will need to navigate challenges such as competition from other BaaS providers, regulatory hurdles, and the complexities of integrating new bank partners while maintaining seamless API services. As the demand for Banking-as-a-Service solutions rises, Treasury Prime's ability to scale operations effectively will be crucial for its sustained success.
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