Pave Bank, a digital-first lender that allows businesses to manage both fiat and digital assets such as cryptocurrencies, stablecoins, and other blockchain-based instruments on a single platform, has raised $39 million (nearly Rs 343 crore) in a funding round led by Accel.
This brings the Georgia-based bank’s total funding to about $45 million.
The round also saw participation from Tether Investments, Quona Capital, Wintermute, Helios Digital Ventures, Financial Technology, Yolo Investments, Kazea Capital, and GC&H Investments.
Founded in 2024 by former BigPay executives Simon Vans Colina, Salim Dhanani, and Dmitry Bocharov, Pave Bank provides corporate and institutional clients with banking services such as deposits, payments, foreign exchange, and treasury management, while also supporting transactions involving regulated digital assets.
The company said businesses using its platform can manage fiat and digital assets in real time, automate treasury operations, and reduce reliance on intermediaries.
The fresh capital will be used to expand Pave Bank’s footprint, accelerate product development, and strengthen its banking infrastructure.
“The global financial system is moving towards regulated on-chain finance, and institutions need a trusted bridge between the old and the new,” said Dhanani, CEO of Pave Bank. “We have built a multi-asset bank that merges the stability and prudential oversight of traditional finance with the automation, speed, and intelligence of digital assets.’’
Pave Bank, which has a Singapore-based holding company, has a banking licence issued by the National Bank of Georgia and operates a representative office in London. It is also expanding globally with offices planned in the United Arab Emirates, Hong Kong, and the European Economic Area.
It had previously raised $5.2 million in a seed round in 2023.
“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, " said Rachit Parekh, partner at Accel.
Accel, an early-stage backer of Flipkart and Swiggy, closed its eighth India-focussed fund earlier this year after raising $650 million from investors.
This brings the Georgia-based bank’s total funding to about $45 million.
The round also saw participation from Tether Investments, Quona Capital, Wintermute, Helios Digital Ventures, Financial Technology, Yolo Investments, Kazea Capital, and GC&H Investments.
Founded in 2024 by former BigPay executives Simon Vans Colina, Salim Dhanani, and Dmitry Bocharov, Pave Bank provides corporate and institutional clients with banking services such as deposits, payments, foreign exchange, and treasury management, while also supporting transactions involving regulated digital assets.
The company said businesses using its platform can manage fiat and digital assets in real time, automate treasury operations, and reduce reliance on intermediaries.
The fresh capital will be used to expand Pave Bank’s footprint, accelerate product development, and strengthen its banking infrastructure.
“The global financial system is moving towards regulated on-chain finance, and institutions need a trusted bridge between the old and the new,” said Dhanani, CEO of Pave Bank. “We have built a multi-asset bank that merges the stability and prudential oversight of traditional finance with the automation, speed, and intelligence of digital assets.’’
Pave Bank, which has a Singapore-based holding company, has a banking licence issued by the National Bank of Georgia and operates a representative office in London. It is also expanding globally with offices planned in the United Arab Emirates, Hong Kong, and the European Economic Area.
It had previously raised $5.2 million in a seed round in 2023.
“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, " said Rachit Parekh, partner at Accel.
Accel, an early-stage backer of Flipkart and Swiggy, closed its eighth India-focussed fund earlier this year after raising $650 million from investors.
