I'm happy to share that Primary has successfully raised a $3.5 million Seed round, led by Carthona Capital.
We're delighted to welcome new investors Resolution Ventures and No Brand to our cap table, and Damian Fox to our Board.
As I write this, I'm reflecting on how best to explain Primary in a way that resonates with everyone. Treasury management might sound like jargon, but it’s not so different from something we've all experienced.
Remember as kids, we’d hide our pocket money under our pillows? That was our first lesson in cash management - keeping it somewhere safe. Then, we discovered banks. In my CBA Dollarmites account, not only was my money secure, but I also earned 50 cents of interest each month!
As I grew up and worked for banks, I realised something. For pocket money, small differences in your interest rate didn’t matter much.
But when you're a scaleup or a SME and managing millions in idle cash, a hundred basis points can be significant! It can represent months of runway, additional hires, or an investment in growth.
But banks don’t serve scaleups and mid-sized businesses well.
Banks are in the business of making money, using our money. They take our deposits, lend them out, and give us just a slice of the interest earned. The rest? They keep.
When you see banks reporting billions in profits, it raises a fair question: shouldn’t we be getting more for the risk we’re taking?
That’s why I started Primary.
We’re here to change the game. Primary gives businesses the security of big banks while offering significantly higher yields on your deposits. By using our collective power as a platform, we negotiate better rates—rates usually reserved for the banks' biggest clients. Now, those rates are available to you.
Your funds remain entirely in your control, held by reputable partners like Morgan Stanley, Black Rock and State Street, with no counterparty risk with Primary. It's like sleeping with your money under your pillow - but this time, it’s earning more and growing faster.
To learn more about what we’ve been building, check out this AFR article. And if you’re a wholesale scaleup or SME looking for better yield and a modern banking experience, get in touch!
#venturecapital #startups #banking #yield
