Pave Bank, a fully-licensed commercial bank with a Singaporean holding company, has announced raising $39 million in a funding round anchored by US venture capital firm Accel.
The round also drew participation from Tether Investments, Quona Capital, Wintermute, Helios Digital Ventures, Financial Technology Partners, Yolo Investments, Kazea Fund, and GC&H Investments.
Pave Bank was founded on the premise that the future of money and financial infrastructure lies in programmability and on-chain finance.
The company provides a unified platform offering commercial banking services, including deposit accounts, payment networks, FX liquidity, card issuance, and treasury management.
The new capital brings Pave Bank’s total funding to over $44 million and will be used to expand its regulatory footprint, strengthen product development, and scale client coverage across major global markets, per the announcement.
The bank said its model allows clients to manage fiat and digital assets under one regulatory framework, eliminating the need for multiple providers for custody, liquidity, and compliance.
Salim Dhanani, co-founder and chief executive officer of Pave Bank, said the companies the bank serves are large, sophisticated corporations and institutions operating across markets.
“They expect their bank to be as fast and adaptive as the technology companies they partner with, but with the security, compliance, and oversight of a regulated financial institution. That’s the gap we’re closing,” Dhanani added.
The bank claims to have achieved profitability in seven of its first nine months of operations by leveraging automation and artificial intelligence in its engineering, compliance, and treasury functions.
Pave Bank holds a banking licence from the National Bank of Georgia and operates offices in Singapore and London. It plans to expand into the United Arab Emirates, the United States, Hong Kong, and the European Economic Area.
The bank raised $5.2 million in seed funding in December 2023 to officially launch its operations. The round was anchored by 468 Capital and backed by Quona Capital, FT Partners, BR Capital, W3.fund, Daedalus, and unnamed angel investors.
Accel, the lead investor in the funding round, raised $650 million for its eighth India fund, Accel India VIII L.P., early this year.
In Southeast Asia, its investees include Astro, a Jakarta-based quick delivery commerce startup, and Pluang, an Indonesian online investing platform.
