Fintech company Pave Bank has successfully raised $39 million in a Series A funding round, led by the venture capital firm Accel. The firm is set to enhance its offerings that merge traditional banking with cryptocurrency solutions for business clients, reflecting a rising demand for programmable finance.

The funding round also saw participation from various prominent investors, including Tether Investments, Wintermute, Quona Capital, Helios Digital Ventures, Yolo Investments, Kazea Capital, Financial Technology, and GC&H Investments, boosting Pave Bank’s total funding to approximately $45 million. This was reported by the Economic Times.

Founded in 2023 by fintech leaders Simon Vans-Colina, Salim Dhanani, and Dmitry Bocharov, Pave Bank provides both institutional and corporate clients with traditional and programmable banking services, and handles transactions involving digital assets.

Programmable banking helps firms automate financial tasks such as payments, transfers, and treasury management through APIs or smart contracts on a digital framework.

Headquartered in Singapore, the company holds a Georgian banking license and has a presence in London, with plans to expand into the United Arab Emirates, Hong Kong, and the European Economic Area.

Traditional Finance Embraces Blockchain Technology

Many major financial institutions are increasingly investing in blockchain payment and settlement systems as greater regulatory clarity emerges, particularly in the US and Europe.

In September, blockchain payment service Fnality raised $136 million in a Series C funding round led by Bank of America, Citi, and Temasek, among others. The round also had returning investors such as Santander, Barclays, UBS, and Goldman Sachs.

On October 9, BVNK, a stablecoin infrastructure firm located in London, announced an investment from Citi Ventures, which values the company at over $750 million, according to co-founder Chris Harmse.

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