Pave Bank, a trailblazer in the realm of programmable banking, has launched with a $5.2m in funding.
The round was led by 468 Capital, with participation from other esteemed investors including Quona Capital, FT Partners, BR Capital, w3.fund, Daedalus, and several angel investors. This investment marks a significant milestone in Pave Bank’s mission to revolutionise the banking sector.
Pave Bank stands as the world’s first fully regulated commercial bank that integrates traditional banking products with cutting-edge digital asset solutions. This unique blend enables clients to enjoy traditional banking services along with innovative offerings like multi-asset custody and PaveNet, a dynamic, always-on network for Pave Bank customers.
The bank’s vision extends beyond conventional banking. Pave Bank aims to utilise the new funding to enhance its offering of digital asset-enabled products. This move is expected to streamline banking operations for businesses, especially those operating on a global scale, ensuring efficiency and access to new economic opportunities.
Salim Dhanani, Co-Founder & CEO of Pave Bank, emphasized the bank’s dedication to addressing the limitations of the current financial system. “We have set out to address limitations of today’s financial system that lacks transparency, remains restricted to certain time-windows (clearing and settlement, for example) and is riddled with intermediaries. All of this increases costs, management complexity and also limits the products and services which can be accessed by the majority of businesses and especially, for those operating globally. In parallel, we have seen a number of innovative products that have been created in the digital asset space, but sometimes with a lack of regulation and safety for users. We are championing a new path where Pave Bank customers will get access to the financial products that they are used to, but also a range of digital asset enabled products which will help them bank more efficiently within a regulated and secure environment.”
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