Accel Leads Round Backing Crypto-Fiat Banking Startup
Pave Bank, a Singapore-based fintech offering programmable banking for businesses, has raised $39 million in a Series A round led by venture capital firm Accel. The funding brings its total raised to around $45 million, according to The Economic Times.
Investors included Tether Investments, Wintermute, Quona Capital, Helios Digital Ventures, Yolo Investments, Kazea Capital, Financial Technology, and GC&H Investments.
Founded in 2023 by fintech veterans Simon Vans-Colina, Salim Dhanani, and Dmitry Bocharov, Pave Bank offers institutional and corporate clients programmable services that automate payments, transfers, and treasury functions. The bank operates through a Georgian banking license and maintains offices in Singapore and London, with expansion plans for the UAE, Hong Kong, and the European Economic Area.
Investor Takeaway
Programmable Banking Gains Momentum
Pave Bank’s core offering is its programmable banking layer, which lets companies integrate payment flows and treasury management directly into their own systems using APIs or smart contracts. These capabilities allow clients to handle both fiat and crypto transactions within the same architecture — a model that appeals to businesses seeking automated compliance and operational efficiency.
The company’s founders come from established fintech backgrounds. Vans-Colina was part of Monzo’s founding team, while Dhanani previously co-founded Mamo Pay in Dubai. Their experience in both regulated banking and digital finance has shaped Pave Bank’s hybrid model, targeting clients who require regulated custody but want the programmability of decentralized infrastructure.
“Enterprises want banking that works at API speed,” one investor familiar with the round said. “Pave’s programmable framework brings that capability to treasury and settlement operations.”
Institutional Capital Flows to Blockchain Infrastructure
The round follows a broader wave of institutional investment in blockchain-based financial infrastructure. In September, payments platform Fnality raised $136 million in a Series C led by Bank of America, Citi, Temasek, KBC Group, WisdomTree, and Tradeweb, with support from Santander, Barclays, UBS, and Goldman Sachs. Fnality’s model focuses on tokenized settlement networks designed for interbank transactions.
On Oct. 9, London-based stablecoin infrastructure firm BVNK announced a new investment from Citi Ventures, valuing it above $750 million. Co-founder Chris Harmse said the deal reflects growing institutional demand for stablecoin-based payments and liquidity solutions.
Together, these investments show how traditional finance and crypto-native players are converging around programmable money and blockchain settlement systems. As regulators in the U.S. and Europe clarify licensing regimes for digital asset banking, venture capital has turned its focus toward compliant, infrastructure-grade projects such as Pave Bank.
Investor Takeaway
Outlook
Pave Bank plans to use the capital to expand its geographic reach and deepen integration between digital asset custody, fiat accounts, and programmable payments. With its Georgian license and pending regulatory filings in Europe and Asia, the firm is positioning itself as a regulated bridge between traditional finance and tokenized payment rails.
As programmable banking matures, competition is likely to intensify among firms developing interoperable systems for fiat and crypto settlements. Pave’s ability to secure backing from both traditional investors like Accel and crypto-linked firms such as Tether Investments reflects growing alignment between these previously distinct sectors.
The company’s challenge will be scaling its model across jurisdictions with differing regulatory regimes while retaining institutional-grade compliance — a factor that may determine which programmable banks gain lasting traction.
