Prime Trust Reports $100 Million Series B

Prime Trust, a custody provider and overall enabler of digital assets, has raised $100 million in Series B funding according to an email from the firm.

Investors included FIS, Fin Capital, Mercato Partners, Kraken Ventures, Commerce Ventures, William Blair & Company, Decasonic, University Growth Fund, Gaingels, GateCap Ventures, and Seven Peaks Ventures.

The valuation was not revealed.

Tom Pageler, CEO of Prime Trust, issued the following statement on the round:

“This strategic investment will provide critical operational expertise to further scale Prime Trust into new offerings including wealth products, as well as Web 3 and DeFi products. We’ve seen an unprecedented shift toward greater acceptance of digital assets among wealth managers and RIAs and, to that end, we launched the Prime Trust Crypto IRA, the first IRA solution with a seamless, single API integration. Our strategic investor relationships will enable us to continue to expand into new markets and deepen our commitment to helping our fintech and crypto clients to build and scale quickly, securely, and compliantly.”

The company said the additional capital will be used to launch new products like a Crypto IRA (now in Beta), wealth, and staking products, and improve upon its abilities to support security tokens while improving the overall security of the platform.

Rodrigo Vicuna, CFO of Prime Trust, added that the company has hit “hyper-growth” in spite of market volatility and the company has doubled revenue every year for years in a row.

Rob Lee, President at FIS Impact Ventures, described Prime Trust as an emerging leader in the Web3 space.

Prime Trust got its start by servicing investment crowdfunding platforms but has since evolved as a top provider in the digital asset sector supporting some of the world’s leading crypto exchanges, wallets, ATSs, RIAs, broker-dealers, banks, and more.

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