Pave Bank, a licensed commercial bank built to bridge traditional and digital finance, has raised more than $39 million in new funding led by venture firm Accel, the company announced Thursday. The round included participation from Tether Investments, Quona Capital, Wintermute, Helios Digital Ventures, Financial Technology Partners, Yolo Investments, Kazea Fund, and GC&H Investments.
The latest raise brings Pave Bank’s total funding to more than $44 million. The company said the funds will support its efforts to expand regulatory coverage, accelerate product development, and strengthen institutional-grade infrastructure as it scales across global markets.
Blending Traditional Banking and Digital Assets
Founded on the belief that money is becoming programmable, Pave Bank operates a single platform that combines conventional banking services with digital asset management. Its offerings include deposit accounts, payments, foreign exchange liquidity, card issuance, treasury management, and an over-the-counter trading desk.
The company’s approach allows clients to manage both fiat and digital assets under a unified regulatory and compliance framework. Businesses using Pave’s systems can automate treasury operations, execute real-time settlements, and reduce reliance on intermediaries, the company said.
Co-founder and CEO Salim Dhanani said the company aims to serve as a regulated link between traditional finance and blockchain-based systems. “Institutions need a trusted bridge between the old and the new,” Dhanani said. “We’ve built a multi-asset bank that merges the oversight of traditional finance with the automation and speed of digital assets.”
Institutional Demand and Sustainable Operations
Pave Bank said it has prioritized regulatory compliance and sustainable growth since its launch, reporting profitability in seven of its first nine months of operation. The bank, which employs about 50 people, credits its use of automation and artificial intelligence in compliance, treasury, and operations for maintaining efficiency while expanding services.
Accel partner Rachit Parekh said the investment reflects increasing demand for regulated, full-reserve institutions capable of managing both fiat and digital assets. “Pave Bank is at the forefront of this fundamental shift in how financial infrastructure operates, and we are excited to partner with them,” said Rachit Parekh, Partner at Accel.
Quona Capital’s Ganesh Rengaswamy added that the company’s programmable banking approach could advance stablecoin adoption and financial inclusion across markets. Looking ahead, Pave Bank plans to expand its licensing footprint, deepen its programmable treasury products, and enhance integration with financial and digital asset ecosystems. The company said its long-term goal is to become a global institution where traditional and digital economies operate seamlessly together.
