Reserve Trust, a Denver, CO-based fintech trust company with a Federal Reserve master account, raised $30.5m in Series A funding.
The round, which included $17.9M in secondary shares, was led by QED Investors with participation from FinTech Collective and Ardent Venture Partners, Flywire CEO Mike Massaro and Quovo Founder and CEO Lowell Putnam. As part of the investment, QED’s Matt Burton and Ardent’s Phil Bronner have joined the Reserve Trust board.
Led by newly appointed CEO Dave Wright and COO Dave Cahill, Reserve Trust provides B2B payments services for financial institutions and fintechs to embed domestic and cross-border B2B payments. Its trust structure allows customers to store funds in custody accounts that are backed by Reserve Trust’s Federal Reserve master account, and to transfer funds via ACH, FedWire, SWIFT, and other emerging payment systems.
The company intends to use the funds to accelerate investments in the team and technology required to deliver innovative new services, APIs, and payment rails that support embedded and real-time payments for any fintech service or software platform globally.
FinSMEs
09/08/2021