Treasury Prime is promising to modernize banks by revamping back-office procedures that can take days to complete tasks instead of minutes. The San Francisco-based startup, which is also connecting fintechs with banking partners, today announced that it raised $9 million in a Series A funding round.
Investors are betting that Treasury Prime is well-positioned to grow in an industry that is increasingly in need of a massive overhaul. The firm’s focus on building powerful APIs for banks and their corporate customers is designed to automate banking operations and deliver the industry from byzantine processes that have stifled innovation. With enhanced speed, Treasury Prime can better align banks with Millennials’ mobile behaviors and compete with emerging competitors.
Led by Amias Gerety of QED Investors and with participation from Jason Lemkin of SaaStr and Hans Morris of NYCA Partners, the round will allow Treasury Prime to expand its workforce to reach more banks that are trying to shave off days, minutes and seconds from a range of operations. The company’s solutions are designed to increase bank deposits by integrating a bank’s core operating system with modern fintech clients and by automating onboarding for new customers – reducing time and costs while remaining fully compliant.
In a rapidly moving environment that has seen the emergence of cryptocurrencies, blockchain-based alternatives, the exploration of central bank digital currencies and fintech’s push into banking services, legacy banks are under pressure to deliver seamless digital options with low-to-no fees.
Says Amias Gerety, partner at QED Investors,
“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.”
Treasury Prime is applying the ultimate leverage – enhancing the existing banking infrastructure along with its massive client base of millions while enabling fintechs to digitally open and manage FDIC insured accounts at scale. By easing the friction of old-school legacy tech, the company can deliver sophisticated payments and drive innovative partnerships with other optimized systems. Its enterprise solutions also automate fraud detection and generate audit trails directly within the banks’ integrations.
Treasury Prime CEO Chris Dean tells TechCrunch that the company’s revenue increased 40% in April. The startup also reports that one of its banking partners launched an SBA Payroll Protection Plan (PPP) application program which processed over $1 billion in loans in three days.
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