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You are at:Home » Former BigPay, Monzo, and VP Bank Execs Launch Pave Bank with $5.2M Seed Funding Round
Investment & Funding

Former BigPay, Monzo, and VP Bank Execs Launch Pave Bank with $5.2M Seed Funding Round

Ravi KumarBy Ravi KumarDecember 14, 2023Updated:December 14, 2023No Comments4 Mins Read
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Pave Bank Launches with $5.2M Seed Funding
Pave Bank Launches with $5.2M Seed Funding. Photo: Pave Bank's founders, Simon Vans Colina, Salim Dhanani and Dmitry Bocharov.
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Quick Take

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

World’s First Programmable Bank Secures $5.2M Funding and Digital License

Banks, despite their technological evolution over the past five decades, have been hamstrung by an inherently inefficient and opaque global financial system. However, a new dawn may be breaking with the emergence of regulated digital assets and programmable money, spearheaded by central banks worldwide. Today, Pave Bank steps into the spotlight as the world’s inaugural programmable bank, poised to empower businesses with efficient banking solutions and access to the burgeoning digital economy.

Pave Bank’s grand entrance is marked by a momentous milestone – 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, witnessed participation from Quona Capital, FT Partners, BR Capital, w3.fund, Daedalus, and a host of angel investors.

A Revolution in Banking

Pave Bank, helmed by Co-Founder & CEO Salim Dhanani, promises a seismic shift in the way businesses manage their finances. The bank’s mission is not just to provide cutting-edge business banking products such as multi-currency operating accounts, global payment connectivity, and treasury management solutions, but to usher in a new era of banking built on the pillars of programmable money and transparency.

Speaking about the venture, Salim Dhanani expressed, “We have set out to address limitations of today’s financial system that lacks transparency, remains restricted to certain time-windows, and is riddled with intermediaries. All of this increases costs, management complexity and also limits the products and services which can be accessed by the majority of businesses and especially, for those operating globally.”

Pave Bank stands apart by offering not only traditional banking services but also multi-asset custody, virtual IBANs, safeguarding accounts, and PaveNet, a multi-asset, always-instant, and always-on network connecting Pave Bank customers. The institution takes pride in being a full-reserve bank, ensuring that all deposits and funds remain secure, never lent out, and never invested.

A Glimpse into the Future

As the financial world embraces programmability, Pave Bank is well-positioned to facilitate secure transactions in stablecoins, Central Bank Digital Currencies (CBDCs), and tokenized Real World Assets (RWAs). Salim Dhanani likens this transformation to the way smartphones disrupted the phone market, stating, “Programmable money and real-world asset tokenization are creating a seismic shift in how the financial system will operate.”

He further adds, “With more businesses thinking and operating globally, the solutions that can be built with programmable money promise to transform banking, treasury, credit products, along with opening up a host of new products and services.”

Global Regulatory Expansion

While Pave Bank commences its regulatory journey with a digital commercial banking license in Georgia, it has ambitious plans to expand its regulatory infrastructure globally. Georgia’s strategic location, with ties to Europe, the Middle East, and Asia, positions it as an ideal financial services hub.

Pave Bank was founded by accomplished banking executives turned fintech innovators, including Salim Dhanani (CEO), Simon Vans-Colina (CTO), and Dmitry Bocharov (COO). These founders bring a wealth of experience from prestigious institutions, including the World Bank, Citibank, and Vocalink.

Support and Anticipation

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

Steve McLaughlin, Founder & CEO at Financial Technology Partners, commented, “We see Pave Bank as leaders in the space. We take pride in having supported their journey so far and eagerly anticipate the continuation of our partnership.”

Pave Bank’s vision extends beyond improving the user experience; it signifies a fundamental change in the nature of money and value. In a world where traditional finance converges with regulated digital assets, Pave Bank stands at the forefront, ready to reshape the financial landscape.

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

Read Also: Tanzania President Signals ‘Bitcoin’ As The Future Of Finance

468 Capital BR Capital Daedalus Digital Assets FT Partners Pave Bank Quona Capital Salim Dhanani w3.fund Web 3.0
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Ravi Kumar
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Ravi is Founder and Chief Content Officer of AlexaBlockchain. He writes about everything at the cross-section of blockchain, crypto, AI, markets, and the economy. Ravi can be reached at ravi@alexablockchain.com

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