Today marks the launch of Pave Bank, the world's inaugural programmable bank, which provides businesses with access to these novel technologies for more efficient banking and integration into the new economy.

Pave Bank has emerged from stealth, armed with a digital banking licence from Georgia and a seed funding of $5.2 million. This round was spearheaded by 468 Capital and saw contributions from Quona Capital, FT Partners, BR Capital, w3.fund, Daedalus, and angel investors.

Pave Bank stands as the first fully regulated commercial bank offering not only top-tier business banking products (like multi-currency operating accounts, global payment connectivity, and treasury management solutions) but also multi-asset custody, virtual IBANs, safeguarding accounts, and PaveNet. This network is a multi-asset, always instant and always operational ecosystem exclusive to Pave Bank customers.

Pave Bank guarantees unparalleled trust and reliability across all its products. As a full reserve bank, it ensures that all deposits and funds are consistently available, never lent out or invested.

Salim Dhanani, Co-Founder & CEO of Pave Bank, stated: “We aim to rectify the limitations of today’s financial system which lacks transparency, operates within restricted time-windows, and is burdened by intermediaries. This increases costs and complexity, and limits the products and services available, particularly for globally operating businesses. Concurrently, we've observed innovative digital asset products, often lacking regulation and user safety. Our goal is to forge a new path where Pave Bank customers will enjoy familiar financial products, as well as a range of digital asset enabled products, all within a regulated and secure environment.”

Pave Bank is at the forefront of programmable financial services, offering a secure and regulated platform for transactions in stablecoins, Central Bank Digital Currencies (CBDCs), and tokenised Real World Assets (RWAs). Dhanani likens this disruption to the impact of smartphones on the phone market: “Programmable money and real-world asset tokenisation are revolutionising the financial system. The integration of blockchain into traditional finance, including stablecoins, CBDCs, and tokenised RWAs, marks the first major overhaul in over fifty years. Coupled with enduring regulation, this shift is being mirrored globally. As a fully regulated digital bank with proprietary technology, we are poised at the forefront of this transformative wave.”

Dhanani further added that blockchain’s integration into regulated financial markets is analogous to the internet's role in information, destined to transform the financial system. “Programmable banking is the next evolution in finance. Businesses are more concerned with the value these technologies bring rather than the technologies themselves. Programmable money is set to revolutionise banking, treasury, and credit products, introducing new products and services.”

Pave Bank has initiated its regulatory journey with a digital commercial banking licence in Georgia and aims to expand its regulatory framework globally. Georgia's strategic location and robust regulatory framework make it an ideal financial hub.

Pave Bank was founded by seasoned banking executives and fintech pioneers Salim Dhanani (CEO), Simon Vans-Colina (CTO), and Dmitry Bocharov (COO). Their diverse backgrounds span global institutions and successful fintech ventures.

Guilherme Steinbruch, Partner at 468 Capital, remarked: “Pave Bank is showcasing the future of banking and financial services. It distinguishes itself in a sector where traditional banks struggle with legacy technology and the integration of traditional finance with regulated digital assets.”

Steve McLaughlin, Founder & CEO at Financial Technology Partners, commented: “Pave Bank exemplifies transformative innovation in financial services. Our partnership with visionary founders like Salim demonstrates our commitment to guiding and supporting their strategic journey. We see Pave Bank as a leader in its field and look forward to continuing our partnership through their future fundraising initiatives.”

The Pave Bank team believes that as traditional finance and the decentralised space evolve with digital assets and regulation, regulated financial institutions must adapt to remain competitive in offering products and services.

FT Partners served as the exclusive financial and strategic advisor to Pave Bank in this transaction.