FV Bank secures $8M in Series A funding round
FV Bank, a dual licensed challenger bank and digital asset custodian, announced the closing of its Series A funding round worth $8 million.
The fundraise, led by BnkToTheFuture, Decentralized Ventures, NFG Fund, CCIX Global, Zenrain Technology, and Satvat, boosts FV Bank’s post money valuation to $48.9 million, the entity said.
Founded in 2018 by payments entrepreneurs Miles Paschini and Nitin Agarwal, FV Bank offers an online-only banking platform that meets the need for more open access to banking for FinTech, blockchain, and cryptocurrency companies.
The first bank in Puerto Rico with an Office of the Commissioner of Financial Institutions digital asset custody license, FV Bank is also the first bank to offer companies a hybrid solution — marrying integrated traditional banking services including payments with the upcoming ability to hold fiat and digital assets in the same account and the facility to seamlessly convert digital assets to fiat currency.
The newly injected capital will enable FV Bank to launch its digital asset custody division, develop its debit card offering, and accelerate its international expansion, officials said.
“We’re focused on expanding our core suite of vertically integrated banking services to meet the demonstrated needs of institutional clients who aren’t catered to by the traditional banking sector,” said Miles Paschini, FV Bank’s CEO.
“The demand for banking services in the FinTech and digital asset industries currently far outweighs the supply. With this new round of funding, we are in an excellent position to continue innovating and expanding our offerings to our growing client base,” he said.
FV Bank aims to include expansion of its product suite to include interest-bearing products and B2B lending services in 2022, while aiming to achieve $750 million to $1 billion assets under management within the next year.