Fintech Infrastructure Startup Prime Trust Raises $100M To Add Iras, Crypto Staking

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Nowadays, the race between fintechs has much more to do with consolidation and which companies can build a holistic, “one-stop-shop” by bringing those different products onto one platform. Crypto custody and fintech infrastructure startup Prime Trust is positioning itself to do just that, and the company has just raised over $100 million in fresh funding to add new products to its existing suite, its CFO Rodrigo Vicuna told TechCrunch. The Las Vegas, Nevada-based company’s latest round is a Series B featuring a mix of existing and new investors including FIS, Fin Capital, Mercato Partners, Kraken Ventures, Commerce Ventures, William Blair & Company, Decasonic, University Growth Fund, Gaingels, GateCap Ventures and Seven Peaks Ventures, the company said. The firm serves around 700 customers, ranging from crypto exchanges, on-ramps, wallet apps, ATSs, RIAs, broker-dealers and banks, according to Vicuna. In addition to launching new products, the company also plans to enhance its support for tokenized products such as NFTs as well as to invest in security and scalability improvements including a new cloud architecture, he added.