Pave Bank launches as ‘programmable’ digibank with $5.2m in seed money

(From left) Pave Bank founders Simon Vans-Colina, Salim Dhanani, and Dmitry Bocharov / Photo credit: Pave Bank

Pave Bank, a Singapore-headquartered “global” digital bank, has announced its launch today with a US$5.2 million seed funding round and a digital banking license from Georgia.

468 Capital led the round with participation from Quona Capital, FT Partners, BR Capital, W3.fund, Daedalus, and angel investors. With the new capital, Pave Bank plans to continue building its regulatory infrastructure globally from Georgia, noting the country’s strategic position between Europe, the Middle East, and Asia.

Pave Bank lets businesses access both traditional and digital asset-enabled financial products, such as multicurrency accounts, multiasset custody, and virtual international bank account numbers. It is also a “programmable” bank, meaning customers can customize and automate some of their banking operations, such as payments, conversion, and asset management.

As a full-reserve bank, Pave Bank does not lend or invest customer deposits but keeps them secure and accessible at all times.

“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.

Dhanani founded Pave Bank alongside Simon Vans-Colina and Dmitry Bocharov, who are also former banking executives and entrepreneurs.

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