Treasury Prime’s Embedded Banking Software Platform and API

Banking-as-a-service has grown to be massively adopted, especially due to the COVID-19 pandemic. When the entire world immensely relied on online services and still managed to meet proper needs, the realization that banks wouldn’t have to have branches everywhere like they used to again grew.

Banks opened themselves up to software platforms that offered compliance, money transfer, and various other financial services, trusting in fintech companies’ capabilities in embedded banking. Partnerships between banks and fintech companies then grew further, with an average of 2.5 partnerships per institution in 2021, according to Statista.

Treasury Prime, a startup founded by CEO Chris Dean, is among the growing number of fintech companies connecting businesses and enterprises with banks and product partners to not only revolutionize next-gen payment but also help players in the sector lower costs while increasing revenue.

Embedded Banking

First founded in 2017, Treasury Prime’s team noticed the innumerable amount of time wasted by banks when running their routine tasks and, as a result, created software tooling that could automate and expedite the process. The startup’s accrued experience in the banking sector then led to its current calling, which is to integrate fintech companies with banks for new, online-based embedded banking services.

Believing in the significance of a great relationship between banks and fintech companies, Treasury Prime builds a platform with features that could support both. The startup offers fintech businesses of various sizes, from startups to enterprises, the ability to further improve their embedded banking tech and the means to partner with banks open to the idea. In terms of embedded banking features, Treasury Prime offers startups money transfer, risk mitigation, and access to chartered banks’ infrastructures. The startup’s app dashboard lets companies gain complete control and visibility of their data and programming for comprehensive work.

Correspondingly, banks can utilize Treasury Prime’s services to find fintech companies that fit their values and ideals the most. In the past couple of years, the startup has built out its integrated partner marketplace, consisting of 16 banks open to networking with fintech companies. Treasury Prime witnessed a virtuous cycle of great fintech companies attracting banks, followed by the multitude of banks enchanting more fintech companies enough to lead to new partnerships.

With its API software, Treasury Prime keeps this cycle running, trusting that the best outcomes for both players and customers come from traditional banks and fintech companies working together.

Financial Partnership Through API

Fintech companies utilizing Treasury Prime’s API can partner with banks of their choosing through the startup’s Bank Network, the choice often made based on banks whose needs, customers, and strategic objectives align with theirs. Treasury Prime’s Partner Marketplace then enables banks and companies to access a set of partner and product capabilities to integrate into their products.

Designed with scalability and growth in mind, all the API’s features allow fintech companies to embed deposit accounts, payment methods, and different variations of cards. Some of Treasury Prime’s current partners to make this happen include Visa for cards and payments, Alloy and Sardine for compliance, and Checkalt or Plaid for utilities.

Treasury Prime maintains the belief that obtaining direct partnerships between fintech companies and banks with the startup’s array of product options can lead to stronger regulatory compliance, smoother integrations, quicker problem-solving, and mutual trust. With these advantages, Treasury Prime aims to help companies lower deposit costs while generating more revenue in the process.

As of February 2023, Treasury Prime has raised over $73M, its latest funding round being a Series C round led by BAM Elevate with participation from Banc Funds, Invicta, Deciens, QED, and SaaStr.

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