FV Bank, a Puerto Rico-based dual licensed challenger bank and digital asset custodian, closed of Series A funding round worth $8m at a post money valuation of $48.9m.
Backers included BnkToTheFuture, Decentralized Ventures, NFG Fund, CCIX Global, Zenrain Technology, and Satvat.
The company intends to use the funds:
- to expand product offering and launch its digital asset custody division, develop its debit card offering, and
- accelerate its international expansion.
Founded in 2018 by payments entrepreneurs Miles Paschini and Nitin Agarwal, FV Bank offers an online-only banking platform 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 (OCIF) digital asset custody license, FV Bank offers companies a hybrid solution — combining integrated traditional banking services including payments with the upcoming ability to hold fiat and digital assets in the same account and the facility to convert digital assets to fiat currency.
The company also recently announced an agreement with data software firm Fireblocks to provide custody infrastructure. The integration between Fireblocks’ enterprise level MPC-based wallet and network infrastructure and its proprietary FVNet will support FV Bank’s regulated digital asset custody services and streamline liquidity settlement for corporate clients.