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US-based banking-as-a-service startup Treasury Prime has roped in $20 million in a Series B funding co-led by Deciens Capital and QED Investors. Susa Ventures and SaaStr Fund had participated in the round.
According to Treasury Prime Founder and CEO Chris Dean’s interview with TechCrunch, the startup was not in dire need of funding at all. Stressing that his capital was “super capital efficient,” Chris revealed that it was only during January this year that they even had to tuck into the $9 million raised through Series A funding in May 2020.
?? ?We’re on a mission to build the best banking-as-a-service platform. And we’re excited to announce that we’ve raised $20M in Series B led by @QEDInvestors, @Deciens, @saastrfund and @SusaVentures to accelerate our growth. Read more via TechCrunch ➡️ https://t.co/LSSNhwNumc pic.twitter.com/1viFx0qt3n
Why raise funds now?
While utilizing proceeds on business expansion and building demand remains the norm, Chris stated that after a point, startups run into a saturated state setting a cap on the customer volume they can take. He felt, for a startup in a competitive sector, picking up its spending in early 2021 and raising funds in mid-2021 will assist in hiring and absorbing demand faster.
Founded in 2017, Treasury Prime connects banks and Fintech through an Application Program Interface (API). According to Pitchbook data, as quoted by reports, A Treasury Prime had a valuation of about $40 million during its Series A. Its new valuation can be higher. Dean is confident that Treasury Prime can stay toward the front of its fintech niche by bringing together banks wanting fintech deal volume and fintech that require technology and eventual banking partners. “By courting both sides of its market, Treasury Prime hopes to be well-situated for long-term growth,” Chris added.
Expressing delight at the investment, Daniel Kimerling, Managing Partner at Deciens Capital, laid stress on his partnership with Chris Dean and Jim Brusstar, President and Co-founder. Treasury Prime, in the banking-as-a-service domain.
Treasury Prime is growing VERY quickly and is the leading banking as a service platform in the US. They are also hiring like crazy,Daniel Kimerling, Managing Partner at Deciens Capital