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Pave Bank Emerges From Stealth To Bridge the Traditional Finance and Digital Economy

Pave Bank has emerged from stealth to give businesses access to new technologies, enabling greater banking efficiency and access to the new digital economy. 

The emergence of regulated digital assets and programmable money has completely uprooted how money is processed. Opening up channels for businesses, Pave Bank has acquired a digital banking licence from Georgia. It has also completed a $5.2million seed funding round led by 468 Capital with participation from Quona Capital, FT Partners, BR Capital,, Daedalus and angel investors.

Pave Bank is a fully regulated commercial bank where clients can get business banking products (such as multi-currency operating accounts, global payment connectivity, and treasury management solutions). They will also have access to multi-asset custody, virtual IBANs, safeguarding accounts and PaveNet. This is a multi-asset, always instant and always on network of Pave Bank customers.

Pave Bank is a full reserve bank, which means that all deposits and funds held with the bank are always there, never lent out and never invested.

Salim Dhanani, co-founder and CEO of Pave Bank
Salim Dhanani, co-founder and CEO of Pave Bank

Salim Dhanani, co-founder and CEO of Pave Bank commented: “We have set out to address limitations of today’s financial system that lacks transparency, remains restricted to certain time-windows (clearing and settlement, for example) and is riddled with intermediaries.

“All of this increases costs, management complexity and also limits the products and services which can be accessed by the majority of businesses and especially, for those operating globally. In parallel, we have seen a number of innovative products that have been created in the digital asset space, but sometimes with a lack of regulation and safety for users.

“We are championing a new path where Pave Bank customers will get access to the financial products that they are used to, but also a range of digital asset-enabled products which will help them bank more efficiently within a regulated and secure environment.”

Transition to digital payments

As programmability in financial services takes off, Pave Bank offers a secure and regulated platform for businesses to transact in stablecoins, central bank digital currencies (CBDCs), and tokenised real-world assets (RWAs).

Dhanani added: “Programmable money and real-world asset tokenisation are creating a seismic shift in how the financial system will operate and what a future financial institution will look like. There are two major trends that led us to create Pave Bank.

“Firstly, blockchain is being integrated into the traditional financial system – with stablecoins, CBDCs included, and tokenised RWAs. We are seeing the financial system be built on new operating languages for the first time in over fifty years.

“Secondly, regulation is here, it’s here to stay, and for the better. We are seeing this narrative evolve around the world – in Singapore, Hong Kong, Georgia, UAE, UK, across the EU and the green shoots in the USA, amongst many others. As a fully regulated digital bank with a proprietary technology stack, we are right at the swell of the programmable financial system wave.”

Furthermore, the integration of blockchain technology to the regulated financial markets mirrors what the internet was to information and it will transform the financial system. Blockchain projects like Onyx by JP Morgan and the new Global Layer One by the Monetary Authority of Singapore are beginning to drive meaningful change.

Dhanani said: “Programmable banking represents the next stage in financial evolution. In the end, businesses care more about the value that is being brought to them with these technologies and less about the technologies themselves. With more businesses thinking and operating globally, the solutions that can be built with programmable money promise to transform banking, treasury, credit products, along with opening up a host of new products and services.”

Regulatory expansion

The Pave Bank team believes that as the traditional financial world transforms with digital assets and the decentralised space transforms with regulation, regulated financial institutions will need to adapt to continue offering the most competitive products and services to their clients. This shift is not a user experience shift, it is a change of the very nature of money and value, for which Pave Bank is built.

Additionally, the bank has started the regulatory journey with a digital commercial banking licence in Georgia and plans to continue to build its regulatory infrastructure globally. Georgia is strategically positioned between Europe, the Middle East and Asia, with close ties to the European Union. Its robust and transparent regulatory architecture has attracted a large number of businesses as it seeks to become a financial services hub in the region.

Meet the team

Pave Bank was founded by established banking executives turned fintech operators Salim Dhanani (CEO), Simon Vans-Colina (CTO) and Dmitry Bocharov (COO). Dhanani was at the World Bank before moving to Carta Worldwide (acquired by MOGO). He then co-founded fintech lender and payments business BigPay in Southeast Asia.

Van-Colina was at Citibank and Vocalink before moving to set up Starling Bank. He left with Tom Blomfield and Paul Rippon to build Monzo as a member of the founding team.

Bocharov was a member of the management team at Ferratum, a DAX-listed bank operating across Europe. Nine years ago, he moved to Vietnam and assumed the role of chief digital officer at VP Bank, where he successfully led a digital transformation. Consequently, he elevated the bank from being ranked among the bottom five to becoming one of the top commercial banks in the country.

Partner response

Guilherme Steinbruch, partner at 468 Capital commented: “Pave Bank is offering the world a glimpse into what we believe to be the future of banking and financial services. Large banks are riddled with legacy technology stacks and don’t have a unified approach between traditional finance and regulated digital assets. Ultimately, we are witnessing a major shift in banking and Pave Bank stands out by enabling a whole range of products and services that can be brought to businesses globally.”

Steve McLaughlin, founder and CEO at Financial Technology Partners commented: “Having observed innovative companies in the financial services industry for over two decades, Pave Bank is a prime example of a transformative company.

“Our ongoing partnership with visionary repeat founders like Salim is a testament to our dedication in guiding and supporting their strategic journey. Also, in terms of leadership, product vision and commitment to customer value, we see Pave Bank as a leader in the space. We take pride in having supported their journey so far and eagerly anticipate the continuation of our partnership through their upcoming fundraising endeavors.”


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