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Fintech bank Pave Bank, backed by venture capital giant Accel, announced on Monday that it raised over $39 million in a funding round led by Accel. The funding also included participation from Tether Investments, Quona Capital, Wintermute Ventures, Helios Digital Ventures, Yolo Investments, Kazea Fund, and GC&H Investments.
The injection brings Pave Bank’s total funding to more than $44 million, according to its statement.
This capital raise comes as Pave Bank expands into new markets and reports profitability in seven of its first nine months of operation, which the company described as a rare milestone for a newly licensed bank.
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Singapore-based Pave Bank said it built a technology-driven operating model focused on sustainability instead of top-line growth, leveraging automation and artificial intelligence across software engineering, compliance, operations, and treasury management.
The bank employs just over 50 people and serves corporations and institutional clients across markets.
“The global financial system is moving toward regulated on-chain finance, and institutions need a trusted bridge between the old and the new,” Pave Bank co-founder and CEO Salim Dhanani said in the company’s statement. He added that the bank created “a multi-asset bank that merges the stability and prudential oversight of traditional finance with the automation, speed, and intelligence of digital assets.”
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Pave Bank said its model responds to growing operational challenges for institutions managing both fiat and digital assets. According to the company, many businesses rely on multiple providers for banking, custody, and liquidity, which the firm says increases operational and compliance overhead.
The platform combines these services within one environment. Pave Bank said it offers deposit accounts, international payments, foreign exchange liquidity, card issuance, treasury management, digital-asset management, instant settlement, and an over-the-counter trading desk, all within a unified interface governed by a single regulatory and compliance framework.
