Pave Bank Raises $39 Million to Expand Digital Asset Services
Date: 2025-10-24 Author: Henry Casey Categories: BUSINESS
Pave Bank, a fintech company combining traditional banking instruments with digital asset capabilities, has closed a Series A funding round, raising $39 million. Venture capital firm Accel led the investment, with Tether Investments, Wintermute, Quona Capital, and other partners among the participants. The funds will be used to scale operations and further develop the banking infrastructure, which is focused on businesses working with fiat and crypto assets.
According to co-founder and CEO Salim Dhanani, the company emerged at a time when the global perception of digital technologies has become significantly more positive. He emphasized that the use of generative artificial intelligence has optimized and accelerated the process of building a digital bank.
Founded in late 2023, Pave Bank positions itself as a universal platform where clients can transact with both traditional currencies and digital tokens. The bank supports over 25 currencies—both fiat and stablecoins—enabling businesses to conveniently manage multi-currency flows.
The fintech has received a banking license in Georgia, which is becoming an important hub for European digital finance. The company also has an office in London and is actively expanding its operations in Europe, the Middle East, and Asia. Plans for the near future include obtaining additional licenses in new jurisdictions.
Dhanani noted that the company's revenue has grown eightfold over the past year, and the bank has posted a profit in seven of the last nine months. He also stated that the digital asset market has ceased to be a niche market and is becoming an integral part of the global financial ecosystem.
Accel Partner Rachit Parekh noted that Pave Bank is laying the foundation for bridging traditional and digital finance by implementing a regulated and transparent operating model. According to him, the growing role of digital currencies requires a "robust, fully redundant banking solution," and Pave is at the forefront of this transition.
Ganesh Rengaswamy, co-founder of Quona Capital, emphasized that the project promotes financial inclusion. He believes Pave can play a key role in the mass adoption of stablecoins and improve the availability of financial instruments in emerging markets.
Among the neobank's competitors are Revolut, which is developing corporate stablecoin solutions, and JP Morgan with its Kinexys product, designed for working with digital assets.
As a reminder, in December 2023, Pave Bank already raised $5.2 million in investments from 468 Capital, Quona Capital, FT Partners, BR Capital, w3.fund, Daedalus, and other venture investors, laying the foundation for its rapid growth.
