Pave Bank CEO Salim Dhanani
Pave Bank, a Singapore-based fully regulated commercial bank offering a platform for businesses to transact in stablecoins, Central Bank Digital Currencies (CBDCs), and tokenised Real World Assets (RWAs), has secured US$5.2 million in seed funding and has come out of stealth mode.
468 Capital led the round with participation from Quona Capital, FT Partners, BR Capital, w3.fund, Daedalus, and unnamed angels.
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The company has also obtained the approved digital banking licence from Georgia.
Pave Bank is a programmable bank founded by established banking executives-turned-fintech operators Salim Dhanani (CEO), Simon Vans-Colina (CTO), and Dmitry Bocharov (COO).
Programmable banking allows you to deploy JavaScript code rules that execute before and after every card transaction.
The fintech startup aims to reimagine how a bank is built, how it operates and how businesses interact with their bank. With the future of banking rooted in the convergence of traditional finance and digital assets, Pave Bank is building a new operating system or layer for how money or assets are linked globally.
Pave Bank provides customers with multi-currency operating accounts, global payment connectivity, and treasury management solutions. It also allows access to multi-asset custody, virtual International Bank Account Numbers (IBAN), safeguarding accounts and PaveNet (a multi-asset, always-instant and always-on-network of Pave Bank customers).
The Pave Bank team believes that as the traditional financial world transforms with digital assets and the decentralised space transforms with regulation, regulated financial institutions must adapt to continue offering their clients the most competitive products and services. This shift is not a user experience shift but a change like money and value, for which Pave Bank was built.
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Salim Dhanani, Co-Founder and CEO, said: “We have set out to address limitations of today’s financial system that lacks transparency, remains restricted to certain time windows (clearing and settlement, for example) and is riddled with intermediaries. All of this increases costs and management complexity and also limits the products and services that can be accessed by the majority of businesses and especially those operating globally.”
“In parallel, we have seen a number of innovative products that have been created in the digital asset space, but sometimes with a lack of regulation and safety for users. We are championing a new path where Pave Bank customers will get access to the financial products that they are used to, but also a range of digital asset-enabled products which will help them bank more efficiently within a regulated and secure environment,” he added.
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