Trice Secures Seed Funding from Diagram Ventures, Royal Bank of Canada, and JAM FINTOP to Propel Innovation in Real-Time Bank Payments

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Jan 09, 2024, 08:00 ET

AUSTIN, Texas, Jan. 8, 2024 /PRNewswire/ -- Trice, a cloud-native API-first platform enabling direct connectivity for real-time bank payments, announced the closing of its seed investment round. This round featured strategic investments from Diagram Ventures, Royal Bank of Canada (RBC), and JAM FINTOP.

Request for Payment (RfP) Functionality

The milestone paves the way to extend Trice's innovative real-time payments-as-a-service platform, allowing 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 increasingly demand speed, simplicity, and instant access when moving funds between their accounts. 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, allowing 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 can 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 round of funding 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 3Q23. More than 345 banks and credit unions are currently utilizing the Real-Time Payments (RTP®) Network. pymnts.com projects real-time transactions to encompass nearly 28% of all electronic transactions globally by 2027.

"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." said Doug Yeager, Founder and CEO of Trice.

Steve Schultz, Partner at Diagram Ventures said, "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".

"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." said Barrie Laver, Head Venture Capital & Private Equity at Royal Bank of Canada

Availability and Next Steps

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. For media inquiries, product demonstrations, or further information, please contact [email protected].

About Trice

Committed to reshaping the landscape of financial transactions, Trice leverages innovative technology to provide a seamless, efficient, and secure API driven platform for real-time payments. With a mission to enable high-impact use cases for real-time bank payments, Trice is at the forefront of changing the way businesses and consumers experience the speed and convenience of modern payment solutions. For more information about Trice, please visit www.trice.co.

SOURCE Trice Technologies Inc.