Pave Bank, a programmable commercial bank with a Singaporean holding company, announced Thursday it has raised over $39 million in funding led by Accel.
Pave Bank said in a statement that the funding round also saw participation from Tether Investments, Quona Capital, Wintermute, Helios Digital Ventures, Financial Technology Partners, Yolo Investments, Kazea Fund, and GC&H Investments.
The round brings the company’s total funding to more than $44 million and positions Pave Bank to expand its regulatory footprint, accelerate product development, continue to build institutional grade infrastructure and scale its client coverage across global markets.
Looking ahead, Pave Bank plans to expand its licensing coverage, deepen its programmable treasury and institutional financial products, and integrate with major financial and digital asset ecosystems.
Its long-term vision is to become the trusted corporate and institutional global financial institution – the place where the traditional and digital economies finally operate as one.
“The global financial system is moving towards regulated on-chain finance, and institutions need a trusted bridge between the old and the new,” said Salim Dhanani, Co-Founder and Chief Executive Officer of Pave Bank.
“We have built a mulit-asset bank that merges the stability and prudential oversight of traditional finance with the automation, speed, and intelligence of digital assets,
“This is about redefining how money moves safely, transparently, and automatically across the world’s financial systems,” he added.
Since launching, Pave Bank has focused on building a sustainable, technology-driven operating model rather than chasing top-line growth.
The company achieved profitability in seven of its first nine months of operation by leveraging automation and artificial intelligence (AI) across software engineering, compliance, operations, and treasury functions.
The bank expects to continue to scale intelligently while maintaining profitability along with a core focus on risk and compliance.
“The companies we serve 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,” Salim Dhanani added.
Pave Bank also said the financing reflects growing institutional demand for a new kind of financial institution – one that can manage regulated digital assets, from stablecoins to bitcoin, alongside everything that is expected from a commercial bank, provide instant settlement and programmable flows, and have prudential oversight.
It is noted that Pave Bank has been building within regulatory frameworks for digital assets from day one, and as these regulations mature and harmonize, the bank is working directly with regulators to ensure compliance and interoperability across jurisdictions.
“As digital assets become an integral part of the global financial ecosystem, there is a strong need for a well regulated, full reserve approach to banking at the intersection of fiat and digital assets,
“Pave Bank is at the forefront of this fundamental shift in how financial infrastructure operates and we are excited to partner with them,” said Rachit Parekh, Partner at Accel.
Meanwhile, Ganesh Rengaswamy, Quona Capital, said by powering mainstream fintechs and digital platforms through its programmable banking infrastructure, the bank is leading the new age transformation in financial services and enhancing the experience for end-users.
“Pave’s programmable, full-reserve approach combines the best of traditional banking and digital assets and has the potential to catalyze widespread adoption of stablecoins, deepening financial inclusion across markets,
“It’s an ambitious vision grounded in real-world execution,” he added.
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