Treasury Prime raises $9 million

Treasury Prime, the startup bridging the gap between legacy banking technology and the modern digital services that fintechs require, has raised $9 million in a Series A round led by QED Investors, with participation from SaaStr and NYCA Partners.

Founded in 2017, Treasury Prime is “powering the future of banking” with an API that enables banks to provide a modern interface to legacy backend infrastructures. With Treasury Prime, fintechs are able to digitally open and manage FDIC insured accounts at scale, make sophisticated payments, and interact with other systems, all with automated fraud detection and audit trails built right into their own integrations.

The startup – a team of 13 – is led by Chris Dean who was previously CTO of API Banking at Silicon Valley Bank. He joined SVB after it acquired Standard Treasury, an “API first” bank where he served as CTO and VP of Engineering.

“We’re tremendously happy with our growth so far, and this latest round of investment serves as a testament both to that success and our confidence in the future. We’re thrilled to help banks grow and add more deposits with a new customer base, and to help growing technology companies find homes at institutions that suit their unique needs.” – Chris Dean, cofounder and CEO of Treasury Prime.

“Chris and his team have been working on this integration problem for years, and I couldn’t be more excited to be part of their future. The partnerships Treasury Prime is enabling between cutting-edge technology companies and financial institutions will bring about a new wave of innovation and entrepreneurship, while also fostering the stability and regulatory compliance needed for long-term success.” – Amias Gerety, Partner at QED Investors.

Bottom Line: if it’s broken, others will fix it.