The fintech company Pave Bank has raised $39 million in Series A funding led by venture capital firm Accel. The company provides programmable banking solutions for businesses, combining cryptocurrency and fiat services.
According to the Economic Times, this round of funding also 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 approximately $45 million.
Pave Bank was founded in 2023 by fintech veterans Simon Vans-Colina, Salim Dhanani, and Dmitry Bocharov, offering traditional and programmable banking services to institutional and corporate clients while facilitating transactions involving digital assets.
Programmable banking services allow businesses to automate financial operations such as payments, transfers, and fund management through application programming interfaces (APIs) or smart contracts built on digital infrastructure.
Pave Bank is headquartered in Singapore and holds a banking license from Georgia, with an office in London. The startup plans to expand into the UAE, Hong Kong, and the European Economic Area.
As regulatory transparency increases in key markets like the United States and Europe, major financial institutions continue to support blockchain-based payment and settlement platforms.
In September, blockchain payment company Fnality raised $136 million in a Series C funding round led by Bank of America, Citibank, Temasek, KBC Group, WisdomTree, and Tradeweb. This round also saw participation from returning investors, including Santander Bank, Barclays, UBS Group, and Goldman Sachs.
On October 9, London-based stablecoin infrastructure company BVNK announced it had received investment from Citi Ventures, the venture capital arm of Citigroup. The company's co-founder Chris Harmse stated that this deal values the company at over $750 million.
Related: Potential giant on the rise? Polymarket's valuation is expected to soar to $15 billion due to a new round of funding, achieving a tenfold increase.
Original article: “Pave Bank secures $39 million funding led by Accel and Tether to expand programmable banking business”
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