Does the world crave another bank? Salim Dhanani, CEO and co-founder of Pave Bank, resoundingly asserts “yes”. They just completed a funding round of $5.2M, led by 468 Capital with participation from Quona Capital, FT Partners, BR Capital, w3.fund, Deadalus, and other angel investors.
- Big Banks Meet Blockchain: Traditional banking institutions are investing heavily in the digital space, but they struggle with legacy technology. Enter Pave Bank. They aim to harness modern technology to create necessary services and products.
- Fast Track to Success: This Singapore-based start-up has, in a short period, secured a banking license from Georgia and plans to start operations early next year.
- The Blockchain Advantage: Dhanami, along with co-founders Simon Vans-Colina and Dmitry Bocharov, firmly believes in the transformative power of blockchain in banking. From facilitating international payments to offering the innovative concept of “programmable money”.
- Programmable Money: An exciting innovation where money could have built-in instructions, solving trust issues in business transactions. This could potentially eliminate the need for traditional banking solutions like letters of credit and escrow accounts.
- Regulatory Pioneer: Pave Bank’s decision to obtain its first license from Georgia is strategic, banking on the country’s pioneering efforts in digital regulation. Licenses from other jurisdictions are expected to follow.
Pave Bank’s founders have a rich background in the finance industry, having worked at World Bank, Citibank, Vocalink, Starling Bank, and Monzo, which adds credibility to their venture.
