Pave Bank raises $39 million in a funding round led by Accel, others

Pave Bank, a fully licensed programmable commercial bank designed for on-chain finance, has raised more than $39 million (about Rs 340 crore) in a funding round led by Accel, with participation from Tether Investments, Quona Capital, Wintermute, Helios Digital Ventures, Financial Technology Partners, Yolo Investments, Kazea Fund, and GC&H Investments.

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The latest investment brings its total funding to over $44 million.

The startup will use the fresh capital to expand its regulatory footprint, accelerate product development, strengthen its institutional-grade infrastructure, and scale its client coverage across global markets.

Founded in 2023 by Salim Dhanani, Simon Vans Colina, and Dmitry Bocharov, Pave Bank operates under a licence from the National Bank of Georgia. It also maintains a representative office in London and plans to expand into the United Arab Emirates, Hong Kong, and the European Economic Area.

The startup has built its model around two core ideas, including that the future of money is programmable, and that businesses need a regulated, bank-grade counterparty capable of operating seamlessly across both traditional and digital asset rails.

Pave offers a unified platform for commercial banking services — deposits, payments, FX liquidity, card issuance, and corporate treasury management — integrated with digital asset custody, an instant settlement network, and an OTC trading desk.

“The global financial system is moving towards regulated on-chain finance, and institutions need a trusted bridge between the old and the new,” said Salim Dhanani, Co-Founder and CEO of Pave Bank. “We have built a multi-asset bank that merges the stability and prudential oversight of traditional finance with the automation, speed, and intelligence of digital assets.”

Through its programmable infrastructure, Pave Bank enables businesses to manage both fiat and digital assets in real time, automate treasury operations, and reduce reliance on intermediaries. Exchanges, market makers, and corporates can use the Pave Network to unify operations across digital assets, fiat, and fixed-income products under a single regulatory framework.

Since launching, Pave Bank has focused on building a sustainable, technology-led operating model rather than chasing rapid top-line growth.

The startup achieved profitability in seven of its first nine months of operation by automating functions across compliance, treasury, and software engineering. With a team of just over fifty employees, the bank aims to scale efficiently while maintaining profitability and regulatory discipline.

Accel partner Rachit Parekh said, “As digital assets become an integral part of the global financial ecosystem, there is a strong need for a well-regulated, full-reserve approach to banking at the intersection of fiat and digital assets. Pave Bank is at the forefront of this fundamental shift in how financial infrastructure operates.”

Ganesh Rengaswamy, managing partner at Quona Capital, added, “By powering mainstream fintechs and digital platforms through its programmable banking infrastructure, Pave is leading the new-age transformation in financial services and enhancing the experience for end-users.”