• Singapore’s Pave Bank launched as the world’s first “programmable” digital bank for global businesses.
• Through APIs, clients automate financial services like payments and crypto custody.
• With $5.2M seed funding, Pave Bank scales customizable banking from Georgia internationally.
“Programmable” digital bank, huh?
Singapore-based startup Pave Bank has unveiled itself as the world’s first “programmable” digital bank aimed at serving companies around the globe.
The bank closed a $5.2 million seed funding round to support its vision of creating customizable financial products through technology.
Pave Bank, which received a banking license in Georgia, will offer services to business customers like multicurrency accounts, cryptocurrency custody, and virtual international bank account numbers.
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Innovative APIs
The bank is unique because clients can automate tasks like payments, currency exchanges, and asset management through Pave Bank’s application programming interfaces (APIs).
“With more businesses thinking and operating globally, the solutions that can be built with programmable money promise to transform banking, treasury, and credit products, along with opening up a host of new products and services,” said Pave Bank CEO Salim Dhanani.
How they’ll scale
The seed round was led by 468 Capital, with participation from several venture capital firms. As a full-reserve bank, Pave Bank will keep customer deposits secure rather than lend or invest the funds.
Pave Bank plans to leverage Georgia’s geographic and regulatory advantages to scale its operations globally. Former bankers and entrepreneurs Dhanani, Simon Vans-Colina, and Dmitry Bocharov founded the startup.
New Digibank Promises customizable financial services for global businesses
