Prime Trust

Prime Trust offers a diversified infrastructure platform offering solutions across payments, settlement, open banking, card management, and fraud prevention (through know-your-customer). The platform is capable of handling crypto and fiat currencies, and its API and plug-and-play widgets cater to a range of enterprises, including crypto exchanges, digital wallets, broker dealers, and banks, among others.

Prime Trust’s payment infrastructure enables automated clearing house (ACH), single Euro payment area (SEPA), and SWIFT wire transfers, and can handle six different global fiat currencies. It can also handle card processing in 165 currencies natively, and also lets end users convert the funds to USD upon deposit. The platform can also support transactions through a range of digital assets, including Bitcoin, Ethereum, and Stellar, among others. The company also offers a white-label debit card program for institutional clients, which are compatible with most digital wallets (including Apple Pay and Google Pay).

Funding and financials

The company’s annual revenue run rate (ARR) reportedly exceeded USD 100 million in July 2021 and that its platform handled around 250 million API calls per month from over 500 customers. It also noted that revenue doubled annually over 2017-20.

Prime Trust appointed former Visa and Green Dot executive, Mike Smith, as its Chief Operating Officer (COO) in June 2021. The company raised USD 100 million in Series B funding in June 2022, almost a year after raising USD 64 million in Series A funding. The newly raised funds were primarily earmarked for new product launches, such as the Crypto Individual Retirement Accounts (IRA), wealth, and staking products. It will also be used to support tokenized products and migrate to a cloud architecture.