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 approximately $45 million. according to in economic times.
Founded in 2023 by fintech veterans Simon Vans-Colina, Salim Dhanani and Dmitry Bocharov, Pave Bank offers institutional and corporate clients 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 cash 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 an office in London. The startup plans to expand to the United Arab Emirates, Hong Kong and the European Economic Area.
Traditional finance doubles down on blockchain infrastructure
Major financial institutions continue to support blockchain-based payment and settlement platforms as regulation improves in key markets such as the United States and Europe.
In September, blockchain payments company Fnality obtained 136 million dollars in a Series C funding round led by Bank of America, Citi, Temasek, KBC Group, WisdomTree and Tradeweb. The tour was also joined by the return investorsincluding Santander, Barclays, UBS and Goldman Sachs.
On October 9, BVNK, a London-based stablecoin infrastructure company, announced an investment from Citi Venturesthe venture capital 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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