Fintech Pave Bank has raised $39 million in a Series A funding round led by venture capital firm Accel. The company offers programmable banking solutions for businesses, combining crypto and fiat services.
The round included participation from Tether Investments, Wintermute, Quona Capital, Helios Digital Ventures, Yolo Investments, Kazea Capital, Financial Technology, and GC&H Investments, bringing the company’s total funding to about $45 million, according to the Economic Times.
Founded in 2023 by fintech veterans Simon Vans-Colina, Salim Dhanani, and Dmitry Bocharov, Pave Bank provides institutional and corporate clients with both traditional and programmable banking services, while also facilitating transactions involving digital assets.
Programmable banking services allow businesses to automate financial operations such as payments, transfers, and treasury management through application programming interfaces (APIs) or smart contracts built on digital infrastructure.
Pave Bank is headquartered in Singapore, with a Georgian banking license and a London office. The startup has plans to expand into the United Arab Emirates, Hong Kong, and the European Economic Area.
Traditional finance doubles down on blockchain infrastructure
Major financial institutions continue to back blockchain-based payment and settlement platforms as regulatory clarity improves in key markets such as the US and Europe.
In September, blockchain payments company Fnality secured $136 million in a Series C funding round led by Bank of America, Citi, Temasek, KBC Group, WisdomTree, and Tradeweb. The round was also joined by returning investors, including Santander, Barclays, UBS, and Goldman Sachs.
On Oct. 9, BVNK, a stablecoin infrastructure company based in London, announced an investment from Citi Ventures, the venture arm of Citigroup. The company’s co-founder, Chris Harmse, said the deal valued the company at more than $750 million.
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