Treasury Prime Announces $40 Million in Series C Funding
SAN FRANCISCO, February 1, 2023 — Treasury Prime, a leading embedded banking software platform, today announced it raised $40 million in Series C funding. The round was led by BAM Elevate with investment from The Banc Funds Company and Invicta as well as continued participation from Series B investors Deciens, QED and SaaStr.
With this latest round, Treasury Prime will continue to build out its industry-leading, multi-bank network solution — currently encompassing 16 banks — as well as development of new products and services including lending options and an integrated partner marketplace solution. The company will leverage this investment to elevate its strategy — broadening its offerings to deliver embedded banking services for a full range of enterprise and bank partners, offering continuous value as they scale.
“Embedded banking is remaking and modernizing 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. This latest round of funding is affirmation that Treasury Prime is in an optimal position to capitalize on this market opportunity and confirmation that we’re delivering value to banks, enterprises and partners alike,” said Chris Dean, co-Founder and CEO of Treasury Prime.
“Treasury Prime’s triple-digit growth this past year is impressive given the broader market environment and its market leadership has continued to expand. We are thrilled to be investing in such a dynamic and forward-thinking company as Treasury Prime that is modernizing American banking and helping enterprise partners innovate and grow,” said Norman Chen, Partner at BAM Elevate.
This latest round comes less than two years after the announcement of the company’s $20 million Series B funding. During that time, the company has experienced an account growth rate of more than 450% and revenue growth of nearly 400% while securing top-tier business relationships including with FIS, Jack Henry and Plaid. The company also landed a number of industry accolades including Tearsheet’s “Best Banking-as-a-Service Platform” for 2021 and 2022.
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About Treasury Prime
Treasury Prime is building the future of finance. Leveraging its award-winning APIs and versatile embedded banking products, Treasury Prime enables banks and enterprise partners to innovate, adapt, grow and scale to stay competitive in a rapidly changing marketplace. The company helps enterprises with a range of complex services including money transfer, risk mitigation and access to a chartered bank's infrastructure. Treasury Prime works with forward-thinking banks to extend their boundaries, helping to grow topline revenue and lower the cost of deposits. Treasury Prime was named Best Banking-as-a-Service Platform in the Tearsheet Embedded Awards 2021 and 2022, and was named to CB Insights’ annual 2021 Fintech 250 list.