Mercato Partners Traverse Fund invests in financial technology leader Prime Trust
Salt Lake City — 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,” says 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 modularity, 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,” says 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.”
About Prime Trust
Prime Trust is the one-stop-shop for financial infrastructure for fintech and digital asset innovators. We offer core financial service APIs and plug-and-play widgets that allow companies to launch quickly and scale securely. Prime Trust powers mission-critical infrastructure for many of the world’s leading crypto exchanges, NFT creators, digital wallets, ATS’, RIAs, broker-dealers, banks, and neobanks. Prime Trust has top engineering talent along with executives that have regulatory and financial services backgrounds from the OCC, SEC, Federal Reserve, Department of Justice, US Treasury/Secret Service, Wyoming Banking Division, JPMorgan Chase, Goldman Sachs, Green Dot, American Express, PNC, Bank of America, and Visa. For more information, visit www.primetrust.com.
Traverse is the growth fund of Mercato Partners, a multi-strategy investment firm that specializes in overlooked and underserved markets. Traverse leverages the breadth of its team’s investing and entrepreneurial experience in these targeted geographies to provide both capital and operational guidance for rapidly scaling companies in the technology and branded consumer segments. For over a decade, Traverse has found, funded, and collaborated with high-growth companies to help them achieve transformative growth and long-term value for our investors. For more information, please visit https://traverse.mercatopartners.com