Mercato Partners Traverse Fund Invests in Financial Technology Leader Prime Trust
SALT LAKE CITY, July 28, 2021 /PRNewswire/ -- Today, Mercato Partners' growth equity fund, Traverse, announced its investment in Prime Trust, a leader in financial infrastructure for fintechs. Based in Las Vegas, Nevada, Prime Trust is a one-stop shop for API-enabled financial infrastructure, including security and compliance systems. Nationwide, Samsung Next, Commerce Ventures, Ayon Capital, Kraken Ventures, STCAP, s20 Capital, Seven Peaks Ventures, Diverse Angels, University Growth Fund and Nevcaut Ventures also participated in the funding round.
Founded in 2016, Prime Trust's suite of customizable APIs helps fintech businesses build, launch and scale quickly, under security and compliance requirements. The company will use the funding to add systems and expand the team to pursue market share in cryptocurrencies and digital asset exchanges, tokenized assets, digital wallets, and crowdfunding. Prime Trust will also build its presence in new markets such as wealth tech, neobanks, registered investment advisers, and alternative trading systems.
"There's a creative explosion in financial services driven by connectivity and mobile platforms in the hands of a generation of digital native consumers," said Zane Busteed, principal investor at Mercato who will join the Prime Trust Board of Directors. "The biggest challenge is translating these innovations into user-ready services. That's why we are so excited to work with the team at Prime Trust as they power the next generation of innovative FinServ offerings."
In addition to easy customization and modulariy, Prime Trust's platform covers all critical financial functions – payments, settlement, custody, liquidity, issuance, indemnity, and compliance. Another powerful benefit is that Prime Trust's solution delivers full regulatory compliance so customers can build with confidence.
"Mercato's Traverse Fund has a demonstrated record of working with hyper-growth companies," said Prime Trust CEO, Tom Pageler. "We are excited to partner with a team that has a legacy of working with companies like ours to scale, grow, and change the marketplace. Their experience in underserved geographies is going to be particularly helpful as we continue our rapid expansion globally."
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