US-based digital bank and digital asset custodian FV Bank raises US$8 million in a Series A Funding round. This funding round raises FV Bank’s valuation to $48.9 million.
The funding round was led by BnkToTheFuture, Decentralized Ventures, NFG Fund, CCIX Global, Zenrain Technology, and Satvat.
FV Bank offers an online-only banking platform that meets the need for more open access to banking for FinTech, blockchain, and cryptocurrency companies.
The bank will use the fund to launch its digital asset custody division, develop its debit card offering, and accelerate its international expansion.
“We are focused on expanding our core suite of vertically integrated banking services to meet the demonstrated needs of institutional clients who are not catered to by the traditional banking sector,” states FV Bank CEO Miles Paschini.
Miles claimed that the demand for banking services in the FinTech and digital asset industries currently far outweighs the supply.
“With this new round of funding we are in an excellent position to continue innovating and expanding our offerings to our growing client base,” adds Miles.
FV Bank intends to include expansion of its product suite to include interest-bearing products and B2B lending services in 2022, while aiming to achieve $750 million to $1 billion AUM within the next year.
“Banking for FinTech companies is still a major challenge for many of the companies we’ve invested in and it requires a fit for purpose challenger bank,” said Simon Dixon, CEO BnkToTheFuture.com. “As soon as we saw FV Bank’s expansion plans we wanted to not only bank with them, but also support their funding so they can serve FinTech companies building the future of finance.”
The integration between Fireblocks’ enterprise level MPC-based wallet and network infrastructure and FV Bank’s proprietary FVNet will support FV Bank’s regulated digital asset custody services and streamline liquidity settlement for corporate clients.
It will enable FV Bank to scale and quickly enhance and add new products to its service offering.
Image Courtesy of FV Bank