FV Bank, a challenger bank and digital asset custodian, has received a strategic investment from NGC Ventures. The investment and partnership is expected to help drive FV Bank’s expansion throughout Asia. FV Bank said it raised USD $8 million as part of the funding round, with participation from other investors such including BnkToTheFuture, Decentralized Ventures, DFG Fund, CCIX Global, Zenrain Technology, and Satvat.
FV Bank is a digital bank that seeks to meet the need for more open access to banking for Fintech, blockchain, and crypto companies. FV bank offers a hybrid solution that marries traditional banking services with asset custodian solutions while providing access to fiat and digital assets in the same account and facilitating seamless conversions of digital assets to fiat currency.
Roger Lim, NGC Venture’s Founding Partner, commented:
“Digital assets have seen a phenomenal rise with a market cap of over US$2.5 trillion and yet few banks are actively supporting this demand. FV Bank has the potential to pioneer this nascent industry with sophisticated and robust solutions that cater to filling the sinkholes of traditional banking solutions. NGC Ventures is proud to support FV Bank in its pursuit to serve the digital-native clients of the future.”
FV Bank was founded in 2018 by Miles Paschini and Nitin Agarwal, and claims to be among the few banks to have dual-licensee in banking and digital asset custody — enabling the bank to offer a vertically integrated and regulated banking experience.
Paschini, FV Bank’s CEO, said that as a challenger in both the Fintech and digital asset space, they are determined to expand their suite of vertically integrated banking services to cater to the hybrid needs of the institutional clients of today.
“Our partnership with NGC Ventures puts us in a powerful position to accelerate our innovation efforts and expand our network of clients in the greater Asia region.”
FV Bank is headquartered in Puerto Rico. FV Bank International Inc. is licensed by the Office of the Commissioner of Financial Institutions (OCIF) and is wholly owned by Fintech Holdings LLC.
This past August, FV Bank announced that it had raised USD $8 million from investors including BnkToTheFuture, Decentralized Ventures, DFG Fund, CCIX Global, Zenrain Technology, and Satvat.
