Pave Bank raises $39m for traditional, digital finance platform

Fintech Pave Bank has raised $39 million in a series one funding round led by venture capital firm Accel. The company offers programmable banking solutions for businesses, integrating crypto and fiat services.

The round includes participation from Tether Investments, Wintermute, Qoona Capital, Helios Digital Ventures, Yolo Investments, Kazea Capital, Financial Technology, and GC&H Investments, bringing the company’s total funding to nearly $45 million, according In 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.

Programmed banking services allow businesses to automate financial operations such as payments, transfers, and Treasury management through application programming interfaces (APIs) or smart contracts built into the digital infrastructure.

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Pave Bank is headquartered in Singapore, with a banking license in Georgia and an office in London. The startup has 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 will continue to turn to blockchain-based payment and settlement platforms as regulatory clarity improves in key markets such as the US and Europe.

In September, the blockchain payment company fnality $ 136 million has been secured In a series C funding round led by Bank of America, Citi, Temasek, KBC Group, Wisdomtree, and Tradeweb. The rotation is also accompanied by a return investingincluding Santander, Barclays, UBS, and Goldman Sachs.