QED Investors’ Amias Gerety led the round, with participation by NYCA Partners’ Hans Morris and SaaStr’s Jason Lemkin. The round builds on the firm’s past $2.5 million seed round, with $11.5 million in funding to date.
“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,” Treasury Prime Co-Founder and CEO Chris Dean said in the announcement. “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.”
Treasury Prime has an API that lets banks offer an updated interface to legacy backend technologies. As a result, banks can connect with modern financial technology customers. The company said its automation decreases the expense and effort for bringing new customers on board, while also meeting the governance needs of banks by connecting directly with a bank’s core system.
FinTechs also have the ability to open and manage FDIC-insured accounts at scale digitally through Treasury Prime as well as interact with other systems and make complex payments. Audit trails and automated detection of fraud are wired straight into their own integrations, with Treasury Prime reducing the friction created by connection with legacy banking systems.
In separate news, French Software-as-a-Service (SaaS) company Agicap announced it raised 15 million euros ($16.3 million) in a funding round led by Partech to boost its sales team, adding between 30 and 100 employees over the next year. Agicap’s goal is to offer small- to medium-sized businesses (SMBs) with a technology to assist in the monitoring of finances. The company has about 2,000 users.