Former BigPay, Monzo, VP Bank Leaders Launch Pave Bank with US$5.2M Fundingby Fintech News Singapore December 14, 2023
Pave Bank, a digital bank with programmable money and regulated digital assets, announced that it has officially launched following a US$5.2 million seed funding round.
The fundraise was led by 468 Capital with participation from Quona Capital, FT Partners, BR Capital, w3.fund, Daedalus and angel investors.
The founding team comprises Salim Dhanani (CEO), who previously co-founded BigPay; Simon Vans-Colina (CTO), with a background at Citibank, Vocalink, Starling Bank before he co-founded Monzo; and Dmitry Bocharov (COO), who was the Chief Digital Officer of VP Bank.
Salim Dhanani said,
“Programmable money and real-world asset tokenization are creating a seismic shift in how the financial system will operate and what a future financial institution will look like. There are two major trends that led us to create Pave Bank.
Firstly, blockchain is being integrated into the traditional financial system – with stablecoins, CBDCs included, and tokenised RWAs [Real World Assets]. As a fully regulated digital bank with a proprietary technology stack, we are right at the swell of the programmable financial system wave.”
Having already obtained a digital banking license from Georgia, Pave Bank shared that it has plans to continue to build its regulatory infrastructure globally.
Pave Bank is a regulated commercial bank that offers business banking products such as multi-currency operating accounts, global payment connectivity, and treasury management solutions.
It also offers its customers multi-asset custody, virtual IBANs, safeguarding accounts, and PaveNet, an ever-active, multi-asset network connecting its clientele.
Pave Bank is a full reserve bank, so all deposits and funds held will not be lent out or invested.
“We are championing a new path where Pave Bank customers will get access to the financial products that they are used to, but also a range of digital asset enabled products which will help them bank more efficiently within a regulated and secure environment.”
Featured image: (From left to right) Simon Vans-Colina (CTO), Salim Dhanani (CEO) and Dmitry Bocharov (COO)