Pave Bank Emerges with $5.2 Million Funding to Pioneer Programmable Banking

Former BigPay, Monzo, and VP Bank executives launch Pave Bank, poised to revolutionize banking with a focus on programmable money.

Pave Bank, the world’s first programmable bank, has officially launched, aiming to reshape the global financial landscape with a seamless fusion of traditional finance and digital assets. The bank, founded by former executives from BigPay, Monzo, and VP Bank, has secured a digital banking license in Georgia and completed a successful $5.2 million seed funding round led by 468 Capital, with participation from Quona Capital, FT Partners, BR Capital, w3.fund, Daedalus, and angel investors.

The traditional banking sector has seen significant evolution over the last half-century, but the underlying global financial system has remained largely obscure and inefficient. Pave Bank positions itself at the forefront of change by capitalizing on the advent of regulated digital assets and programmable money, offering a transformative approach to how value moves globally.

Pave Bank, now out of stealth mode, promises to provide businesses with access to cutting-edge technologies for more efficient banking and participation in the new economy. The bank’s digital banking license from Georgia and substantial seed funding pave the way for its global expansion.

Salim Dhanani, Co-Founder & CEO of Pave Bank, expressed the bank’s commitment to addressing the limitations of the current financial system. He highlighted the lack of transparency, time restrictions, and intermediaries that increase costs and complexity for businesses, especially those operating globally. Pave Bank intends to offer a regulated and secure environment, providing access to traditional financial products alongside a range of digital asset-enabled solutions.

Pave Bank’s offerings include multi-currency operating accounts, global payment connectivity, treasury management solutions, multi-asset custody, virtual IBANs, safeguarding accounts, and PaveNet—a multi-asset, always instant, and always-on network connecting Pave Bank customers.

A key differentiator for Pave Bank is its commitment to being a full reserve bank, ensuring that all deposits and funds held with the bank are always available, never lent out, and never invested. This level of trust and confidence is crucial for businesses engaging with programmable money and digital assets.

With a focus on programmability in financial services, Pave Bank aims to provide a secure and regulated platform for businesses to transact in stablecoins, Central Bank Digital Currencies (CBDCs), and tokenized Real World Assets (RWAs). The bank’s leadership compares this level of disruption to how smartphones transformed the phone market.

Pave Bank’s regulatory journey began with a digital commercial banking license in Georgia, strategically positioned between Europe, the Middle East, and Asia. The bank plans to continue building its regulatory infrastructure globally.

Founders Salim Dhanani (CEO), Simon Vans-Colina (CTO), and Dmitry Bocharov (COO) bring a wealth of experience from their roles at BigPay, Monzo, and VP Bank, respectively. The diverse backgrounds of the founders contribute to Pave Bank’s vision of transforming traditional banking with digital assets.

Guilherme Steinbruch, Partner at 468 Capital, expressed excitement about Pave Bank’s role in the future of banking and financial services. Recognizing the limitations of large banks with legacy technology stacks, Steinbruch sees Pave Bank as a transformative force enabling a range of products and services for businesses globally.

Steve McLaughlin, Founder & CEO at Financial Technology Partners, highlighted Pave Bank as a transformative company at the forefront of financial evolution. As Pave Bank sets out to adapt to the changing nature of money and value, Financial Technology Partners remains dedicated to supporting the strategic journey of visionary companies like Pave Bank.

Pave Bank believes that as the traditional financial world transforms with digital assets and the decentralized space adapts to regulation, regulated financial institutions must evolve to continue offering competitive products and services. The bank is positioned to lead this shift, providing businesses with a new operating system for linking money and assets globally.

About 468 Capital

468 Capital is a technology investment firm supporting entrepreneurs with global ambitions. Founded in 2020, the firm invests in category-defining businesses and provides strategic and financial support to entrepreneurs looking to grow their businesses internationally.

About FT Partners

Financial Technology Partners (“FT Partners”) is the first and only global investment banking firm focused exclusively on the FinTech sector. Recognized for its comprehensive IPO Advisory offering and IPO Underwriting / Equity Research platform, FT Partners provides buy and sell-side M&A and private capital raising services with a focus on the dynamic convergence of technology-based solutions and financial services.

Photo by Arto Marttinen on Unsplash

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