Treasury Prime, an embedded banking software platform, announced it raised $40 million in Series C funding.
The investment 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 the 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.”
Chris Dean, co-Founder and CEO of Treasury Prime, said:
“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.”
Norman Chen, Partner at BAM Elevate, said:
“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.”
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.”