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By Ron Jackson
We've
seen an impressive series of seven and eight-figure
investments in .US based startup
businesses over the past couple of weeks. As we told you on
Friday (Sept. 10), insurance company Vouch.us
raked in $90 million and, as we reported on September
6, workflow documentation innovator Tango.us
attracted $5.7 million in new funding. The latest to
join the party is FV Bank, an online-only bank
located at FVBank.us,
that received an $8 million Series
A investment that values the company at $48.9
million.
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. Based in
Puerto Rico, 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. |
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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. FV
Bank plans to broaden its product suite to include
interest-bearing products and B2B lending services in 2022,
while aiming to achieve $750 million to $1 billion AUM
(assets under management) within the next year.
Mr.
Paschini, FV Bank’s CEO, noted, “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."
Posted
Sept. 14, 2021. Permalink for this story:
https://www.adn.us/news-views/2021/0914.htm
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