FV Bank, a digital bank with a focus on digital assets, has raised $8 million in a Series A funding round according to a company release. The funding will be utilized to launch a digital asset custody solution, a debit card along with international expansion.
The funding round was led by BnkToTheFuture, Decentralized Ventures, NFG Fund, CCIX Global, Zenrain Technology, and Satvat, delivering a post-money valuation of $48.9 million.
Headquartered in Puerto Rico, FV Bank is licensed by the Office of the Commissioner of Financial Institutions (OCIF) and is owned by Fintech Holdings LLC.
FV Bank was co-founded by Miles Paschini and Nitin Agarwal. The digital bank offers a banking platform that supports blockchain, and cryptocurrency companies. FV Bank says it is 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.”
Paschini, FV Bank’s CEO, said they are are focused on expanding their core suite of vertically integrated banking services to meet the needs of institutional clients who are not catered to by the traditional banking sector:
“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.”
Simon Dixon, CEO BnkToTheFuture, said that banking for Fintechs is still a challenge:
“As soon as we saw FV Bank’s expansion plans we wanted to not only bank with them, but also support their funding so they can serve FinTech companies building the future of finance.”
FV Bank noted that it had recently announced an agreement with Fireblocks to provide custody infrastructure. The integration between Fireblocks’ enterprise-level MPC-based wallet and network infrastructure and FV Bank’s proprietary FVNet will support FV Bank’s regulated digital asset custody services and settlement for corporate clients.