Pave Bank Raises $39M For Traditional, Digital Finance Platform

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 to the Economic Times.

Founded in 2023 by fintech veterans Simon Vans-Colina, Salim Dhanani and Dmitrij Bocharov, Pave Bank provides institutional and corporate clients with both traditional and programmable banking services while 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 branch in London. The startup plans to expand to the United Arab Emirates, Hong Kong and the European Economic Area.

Traditional finance is doubling down on blockchain infrastructure

Major financial institutions continue to support 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. A comeback was also added to the round investorsincluding Santander, Barclays, UBS and Goldman Sachs.