Fintech startup Pave Bank has secured $39 million in a Series A funding round led by Accel, focused on enhancing its programmable banking solutions which cater to both crypto and fiat transactions for clients. This round also saw participation from notable investors such as Tether Investments, Wintermute, Quona Capital, Helios Digital Ventures, Yolo Investments, Kazea Capital, Financial Technology, and GC&H Investments, raising the total investment in Pave Bank to approximately $45 million according to Economic Times.

Established in 2023 by business veterans Simon Vans-Colina, Salim Dhanani, and Dmitry Bocharov, Pave Bank aims to deliver both traditional and programmable banking services to corporate clients, also assisting in crypto-related transactions. Programmable banking empowers businesses to automate financial tasks such as payments and treasury management using APIs or smart contracts supported by digital infrastructure.

Pave Bank is headquartered in Singapore and operates under a Georgina banking license while planning to broaden its presence into the United Arab Emirates, Hong Kong, and the European Economic Area.

Traditional Finance Embraces Blockchain Infrastructure

Major players in finance persist in backing blockchain-driven payment systems as regulatory landscapes become clearer in critical regions like the U.S. and Europe.

In September, blockchain payments innovator Fnality raised $136 million in a Series C funding round spearheaded by Bank of America, Citi, and others. This round included existing investors such as Santander, Barclays, UBS, and Goldman Sachs.

On October 9, BVNK, a London-based stablecoin infrastructure firm, announced an investment from Citi Ventures, projecting the firm’s value above $750 million as noted by co-founder Chris Harmse.

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For more insights, check out the Magazine article discussing Cliff’s purchase of homes using Bitcoin mortgages.

Tags: #Business, #Banking, #Startups, #Fintech, #Fiat Money, #Citi, #Tether.