Prime Trust operates a suite of backend fintech and crypto infrastructure products that cover onboarding (AML/KYC/rails), monetization (trading and custody) and liquidity (IRAs and trading-related products). The company serves roughly 700 customers across exchanges, on-ramps, wallet apps, ATSs, RIAs, broker-dealers and banks and has grown its headcount to about 400. It plans to use new funding to launch a crypto-focused IRA retirement account, wealth-management offerings and crypto staking products, and to enhance support for tokenized products such as NFTs. Prime Trust is also investing in security and scalability improvements, including a new cloud architecture. The firm positions itself as a broad “one-stop-shop” backend provider for institutional clients that can pick and choose platform components. Prime Trust offers payment, settlement, KYC and liquidity APIs that management says cover the “full infrastructure stack” for neo-banks, crypto exchanges and other fintechs. The platform handles roughly 250 million API calls per month from clients including Binance.US, Kraken, Bittrex and Strike. Prime Trust has grown 448% year over year and is projecting an annual revenue run rate of $100 million; revenue has doubled every year since its custody wing launched in 2017. The company says its APIs are a central, “plug-and-play” part of the business and driver of client activity. With the new funding, Prime Trust plans an aggressive hiring campaign and to add systems to expand services beyond crypto into broader fintech use cases and alternative investments via tie-ups with neo-banks and registered investment advisors. Management intends the capital to support scaling across the organization as demand for its infrastructure grows.

Total raised

$164M

Funding rounds

2

Latest round

Series B

Latest activity

Jun 2022