Treasury Prime, a San Francisco, CA-based Banking as a Service (BaaS) company, completed a $20m Series B insider round.
The round was co-led by Deciens Capital and QED Investors with participation from SaaStr Fund, Pacific Western Bank, and Susa Ventures. In conjunction with the funding, Dan Kimerling, co-founder and managing partner at Deciens Capital, will join the board of directors.
The company intends to use the funds to accelerate go-to-market programs and to expand sales, marketing, and engineering teams.
Led by Chris Dean, co-founder and CEO, Treasury Prime is a Banking as a Service (BaaS) company that connects banks and fintechs through an API allowing developers to build and launch apps quickly. Treasury Prime’s full integration into core banking systems gives developers access to a wide range of banking services from opening accounts to making payments to issuing cards.
The company has more than 50 fintech customers including:
- Ametros, a provider of medical fund management and professional administration
- Challenger, a neobank for employers to sponsor financial services for their employees
- FirstDollar, a modern health care savings platform
- MaxMyInterest, a provider of innovative cash management solutions for financial advisors, their clients, and banks
- ZenBusiness, a startup that makes it easy to start, run, and grow a business
- Zeta, a shared banking app for modern families
- Zibo, the landlord bank
Earlier this year, Treasury Prime announced a partnership with Marqeta, the global modern card issuing platform, that enables fintechs to manage the entire card lifecycle using the same Treasury Prime API they use for every other banking service, and to use Treasury Prime for program management services including network agreements, BIN management, fraud detection tools, and custom card design, printing, packaging, and shipping services.