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Funding will go towards growing the startup's team
Even with the coronavirus wreaking havoc on various industries and employment, many banks continue to thrive.
To go alongside that news, Treasury Prime, a startup in the banking industry, has just announced it has closed on a Series A funding round to the tune of $9 million. The funding comes from Amias Gerety of QED, Jason Lemkin of SaaStr, and Hans Morris of NYCA Partners.
This round of funding will be going towards growing the team, mainly focusing on marketing and sales.
At its core, Treasury Prime looks to improve a variety of banking processes by streamlining various aspects that can help both the banks and the customers that use them. Banking is an old industry and even though they have adapted and changed over the years, certain aspects are still tied to old-school processes, desperate for a modern refresh.
That's where Treasury Prime comes in. Using its APIs, the company can help modernize certain areas within a bank that were once filled with manual work (stuff that could take days) and replace it with a solution that is automated and nearly instant.
TechCrunch points out that this increased speed can help customers, as well. Basically, it makes a larger group of people "economically viable" to the bank, because less time has to spent on onboarding and other typical bank processes.
In addition to helping out banks and customers, Treasury Prime also works with a growing number of fintech companies that can utilize the APIs instead of being forced to create their own, a timely and expensive process.
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