Pave Bank launches $5.2 million in seed funding

quick take

Pave Bank emerges as the world’s first programmable bank, securing a digital banking license in Georgia and securing $5.2 million in seed funding. Founded by experienced banking executives, the company aims to revolutionize the financial sector by providing access to efficient banking products and digital assets and position itself at the forefront of the wave of programmable financial systems.

World’s first programmable bank secures $5.2 million in funding and digital licenses

Despite technological advances over the past 50 years, banks have suffered from an inherently inefficient and opaque global financial system. However, the emergence of regulated digital assets and programmable currencies led by central banks around the world could usher in a new dawn. today, fave bank It stands out as the world’s first programmable bank, ready to empower businesses with efficient banking solutions and access to the booming digital economy.

Pave Bank’s major expansion marks significant milestones, including securing an approved digital banking license from the state of Georgia and raising $5.2 million in seed funding. The funding round led by 468 Capital included Quona Capital, FT Partners, BR Capital, w3.fund, Daedalus, And a number of angel investors.

A revolution in banking

Operated by Pave Bank Co-founder and CEO Salim Danani, promises to revolutionize the way companies manage their finances. The bank’s mission is to provide cutting-edge business banking products such as multi-currency operating accounts, global payment connectivity and treasury management solutions, as well as ushering in a new era of banking built on programmable money and transparency.

Commenting on this venture, Salim Dhanani said: “We set out to address the limitations of today’s financial system, which lacks transparency, is limited to specific time zones, and is full of intermediaries. All of this increases costs and management complexity and limits the products and services accessible to most businesses, especially those that operate globally.”

Pave Bank differentiates itself by offering traditional banking services as well as multi-asset custody, virtual IBAN, account protection and PaveNet, a multi-asset, always-on, always-on network connecting Pave Bank customers. The institution is a full reserve bank and prides itself on ensuring that all deposits and funds are kept safe and never loaned out or invested.

A brief introduction to the future

As the financial world embraces programmability, Pave Bank is well-positioned to facilitate the secure trading of stablecoins, central bank digital currencies (CBDCs), and tokenized real-world assets (RWAs). Salim Dhanani likened this change to the way smartphones disrupted the mobile phone market, saying, “Programmable money and real-world asset tokenization are creating a seismic shift in the way the financial system works.”

He added: “As more businesses think and operate globally, solutions that can be built with programmable money promise to transform banking, treasury and credit products and deliver a range of new products and services.” .

Expanding global regulations

Pave Bank has ambitious plans to begin its regulatory journey by obtaining a digital commercial banking license in Georgia, while also expanding its regulatory infrastructure globally. Georgia’s strategic location with connections to Europe, the Middle East and Asia makes it an ideal financial services hub.

Pave Bank was founded by talented banking executives turned fintech innovators, including Salim Dhanani (CEO), Simon Vans-Colina (CTO), and Dmitry Bocharov (COO). These founders have accumulated extensive experience in renowned institutions such as the World Bank, Citibank, and Vocalink.

support and expectations

Investors and industry experts alike are excited about Pave Bank’s potential. “Pave Bank is giving the world a glimpse into what we believe is the future of banking and financial services,” said Guilherme Steinbruch, Partner at 468 Capital.

Steve McLaughlin, Founder and CEO of Financial Technology Partners, said: “We see Pave Bank as a leader in this space. We are proud to have supported their journey so far and eagerly look forward to continuing our partnership.”

Pave Bank’s vision extends beyond improving user experience. This means there is a fundamental change in the nature of money and value. In a world where traditional finance is converging with regulated digital assets, Pave Bank is at the forefront, ready to reshape the financial landscape.

FT Partners acted as exclusive financial and strategic advisor to Pave Bank on this transaction.

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