Pave Bank announced that it has raised US$39 million in a funding round led by Accel. This latest raise brings the company’s total capital to over US$44 million.

The round also drew participation from Tether Investments, Quona Capital, Wintermute, Helios Digital Ventures, Financial Technology Partners, Yolo Investments, Kazea Fund and GC&H Investments.

The bank previously secured US$5.2 million in seed funding in December 2023, led by 468 Capital with participation from Quona Capital, FT Partners, BR Capital, W3.fund, Daedalus and several angel investors.

The funds will be used to expand its regulatory reach, enhance product development, and scale its client base globally.

Pave Bank operates a programmable banking platform that integrates deposits, payments, foreign exchange, cards and treasury services with fiat and digital-asset management under a single regulatory framework.

The bank reports that it was profitable in seven of its first nine months, supported by automation and AI in its engineering, compliance and treasury functions.

Pave Bank holds a commercial banking licence from the National Bank of Georgia and has offices in Singapore and London. Its holding company is incorporated in Singapore.

The company plans to expand into the United Arab Emirates, the United States, Hong Kong and the European Economic Area.

Featured image: Edited by Fintech News Singapore, based on image by Borin via Freepik