Treasury Prime, a banking-as-a-service (BaaS) infrastructure provider, has raised USD 40 million in Series C funding led by BAM Elevate, with participation from The Banc Funds Company, Invicta, Deciens, QED, and SaaStr. This round brings the company’s total funds raised to USD 71.5 million.  

The funds will be invested in expanding its multi-bank network solution (currently accommodating 16 banks), launching an integrated partner marketplace, and developing new products (such as lending solutions). 

Treasury Prime’s revenue and accounts grew by nearly 400% and more than 450% respectively, since the company’s Series B funding in May 2021.

Analyst QuickTake: Treasury Prime’s (the integrated partner marketplace) plans to launch could compete with the offering of banking services disruptor, Synctera . Moreover, the funding comes on the back of Treasury Prime entering a partnership with diversified FinTech infrastructure provider, Plaid in November 2022, to enable its users to integrate with external FinTechs available via Plaid.