Fintech startup Pave Bank has raised $39 million in a Series A funding round led by venture capital firm Accel, with participation from Tether Investments, Wintermute, Quona Capital, Helios Digital Ventures, Yolo Investments, Kazea Capital, Financial Technology, and GC&H Investments. This brings the company's total funding to approximately $45 million, according to reports.
Founded in 2023 by fintech veterans Simon Vans-Colina, Salim Dhanani, and Dmitry Bocharov, Pave Bank provides institutional and corporate clients with both traditional and programmable banking services, facilitating transactions involving digital assets. Programmable banking enables businesses to automate financial operations like payments, transfers, and treasury management through APIs or smart contracts built on digital infrastructure.
Salim Dhanani, CEO of Pave Bank, stated, "The funding will allow us to expand our regulatory footprint, accelerate product development, and strengthen our banking and digital infrastructure." The company, headquartered in Singapore with a Georgian banking license and a London office, plans to expand into the United Arab Emirates, Hong Kong, and the European Economic Area.
Tether's involvement in this round signals strong institutional endorsement and aims to bridge fiat and digital assets, potentially increasing the adoption of stablecoins like USDT in regulated environments. Pave Bank's services include managing digital assets such as BTC and ETH, which could see enhanced integration in treasury operations as part of a broader trend toward blending traditional and digital finance.
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