Trice – a cloud-native API-first platform enabling direct connectivity for real-time bank payments – recently announced the closing of its seed investment round. This funding round featured strategic investments from Diagram Ventures, Royal Bank of Canada (RBC), and JAM FINTOP.
Request for Payment (RfP) Functionality
The milestone drives the way to extend Trice’s innovative real-time payments-as-a-service platform, enabling companies to quickly deploy high-impact use cases powered by the RTP network from The Clearing House and the FedNow Service. Trice’s platform introduces a paradigm shift for Account (A2A) transfers and Payouts, enabling customers to integrate Request-for-Pay (RfP) functionality, seamlessly receive instant and irrevocable deposits, load funds, top up balances, and enable recurring transfers.
Off-Bank-Core Technology
Customers are demanding speed, simplicity, and instant access when moving funds between their accounts. And the Trice platform provides NeoBanks, Digital Wallets, Investing Apps, FinTechs, Lenders, Payment Providers, Banks and Credit Unions with technology that works independently from traditional core banking systems, enabling Trice to offer a future-proof modern payments gateway built specifically to support real-time bank payments, with scalable infrastructure, streamlined onboarding, and simplified operations. Companies are able to deploy solutions and experiences with Trice’s developer-friendly APIs in a matter of weeks, with the flexibility to utilize Trice sponsor banks or seamlessly connect with their own banking partners.
This funding round enables Trice to continue building developer-friendly tools, expanding its engineering team to accelerate the product roadmap, rolling out bank-grade risk and compliance controls, and deepening partnerships and enterprise agreements.
RTP usage in the US continues to grow with 64 million transactions or $34 billion was processed in Q3 of 2023. Over 345 banks and credit unions are currently utilizing the Real-Time Payments (RTP) Network.
Trice’s API-first, real-time payments-as-a-service platform, launched on November 14, 2023, with access to the RTP network from the Clearing House and includes Request for Pay (RfP) functionality. FedNow Service support is expected to launch in the first quarter of 2024.
KEY QUOTES:
“I am thrilled to announce the successful completion of our seed funding round, led by visionary investors who share our commitment to transforming the future of payments. With the support of our investors, we are excited to launch our state-of-the-art real-time payments platform. This investment validates our mission to deliver simple, seamless, and scalable real-time payments capabilities. We are grateful for the trust placed in Trice and look forward to the exciting journey ahead.”
— Doug Yeager, Founder and CEO of Trice
“Diagram Ventures is thrilled to lead the seed investment in Trice as part of our commitment to fostering innovation in fintech. Together with co-investors JAM FINTOP and RBC, we are confident in Trice’s ability to enable high-impact use cases for real-time payments. We look forward to supporting Trice on its journey to make real-time payments a reality.”
— Steve Schultz, Partner at Diagram Ventures
“Trice is a leading real-time payments gateway company, and we recognize the potential of Trice’s innovative platform to revolutionize the payments landscape. RBC’s investment underscores our commitment to supporting cutting-edge innovation and our confidence in Trice’s ability to drive meaningful advancements in the payments industry. We look forward to working with Trice as they shape the future of seamless, efficient, and secure financial transactions.”
— Barrie Laver, Head Venture Capital & Private Equity at Royal Bank of Canada
