Pave Bank, a “global” digital bank with its headquarters in Singapore, has announced its start today. It has a seed fundraising round of US $5.2 million and a digital banking license from Georgia.
With participation from Quona Capital, FT Partners, BR Capital, W3 fund, Daedalus, and angel investors, 468 Capital led the round. Given Georgia’s advantageous location between Europe, the Middle East, and Asia, Pave Bank intends to use the additional funding to continue expanding its regulatory infrastructure around the globe.
Businesses may access financial solutions enabled by digital and conventional assets through Pave Bank, including multicurrency accounts, multiasset custody, and virtual foreign bank account numbers. Additionally, because it is a “programmable” bank, clients may personalize and automate a number of banking processes, including asset management, conversion, and payment processing.
Being a full-reserve bank, Pave Bank always maintains client deposits safe and accessible rather than lending or investing them.
“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,” said Salim Dhanani, co-founder and CEO of Pave Bank.
Along with previous bank executives and business owners Simon Vans-Colina and Dmitry Bocharov, Dhanani launched Pave Bank.
