Pave Bank Raises $39 Million Led by Accel and Tether to Expand Programmable Banking

• Pave Bank raised $39 million in a Series A round led by Accel and Tether Investments.
• The fintech startup combines crypto and fiat services for institutional clients.
• Total funding now reaches $45 million.
• Pave Bank plans to expand into UAE, Hong Kong, and the European Economic Area.
• Programmable banking allows automation of payments and treasury management through APIs and smart contracts.
• Traditional banks are also investing more in blockchain-based payment systems.

Singapore-based Pave Bank has successfully raised $39 million in a Series A funding round to expand its programmable banking services, which blend traditional finance with crypto infrastructure. The round was led by Accel, with participation from Tether Investments, Wintermute, Quona Capital, Helios Digital Ventures, Yolo Investments, Kazea Capital, Financial Technology, and GC&H Investments.

According to reports from the Economic Times, this new funding brings Pave Bank’s total raised capital to around $45 million since its founding in 2023. The startup was established by fintech veterans Simon Vans-Colina, Salim Dhanani, and Dmitry Bocharov, who aim to bridge the gap between traditional banking and programmable finance.

Pave Bank focuses on providing institutional and corporate clients with digital and programmable banking services. Its system enables businesses to automate financial operations – such as payments, transfers, and treasury management – through application programming interfaces (APIs) or smart contracts. This approach offers clients faster, more secure, and transparent control over both fiat and crypto transactions.

Currently headquartered in Singapore, Pave Bank also holds a banking license in Georgia and operates an office in London. The company now plans to expand its presence into major global financial hubs such as the United Arab Emirates (UAE), Hong Kong, and the European Economic Area (EEA). This move aligns with the growing global demand for programmable finance solutions among institutional investors.

The rise of programmable banking reflects a broader trend in the financial sector – the integration of blockchain infrastructure into traditional finance. As regulations around digital assets become clearer in markets like the United States and Europe, many large institutions are now doubling down on blockchain-based settlement systems.

For instance, in September 2024, blockchain payments company Fnality raised $136 million in a Series C funding round led by major financial players, including Bank of America, Citi, Temasek, KBC Group, WisdomTree, and Tradeweb. The round also saw participation from established banks such as Santander, Barclays, UBS, and Goldman Sachs, signaling strong institutional belief in blockchain’s future.

Similarly, on October 9, BVNK, a London-based stablecoin infrastructure provider, received a strategic investment from Citi Ventures, the venture arm of Citigroup. BVNK’s co-founder Chris Harmse revealed that this deal pushed the company’s valuation to over $750 million, showing how traditional banks are increasingly betting on crypto-linked technologies.

These moves highlight a clear trend: traditional finance and crypto are converging. Pave Bank is positioning itself at the forefront of this transformation, offering flexible, programmable tools that combine regulatory trust with blockchain efficiency – a combination that appeals to large-scale financial clients seeking innovation without sacrificing compliance.

Final Thoughts

Pave Bank’s $39 million raise, backed by industry giants like Accel and Tether, shows strong investor confidence in the future of programmable finance. As more institutions look to automate financial operations and integrate crypto with fiat systems, Pave Bank’s model could become a key bridge between traditional and digital banking. With expansion plans already underway, the company is well-positioned to become a global leader in programmable banking.