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News

FV Bank secures USD 8 million Series A funding

Tuesday 31 August 2021 12:07 CET | News

US-based FV Bank, a dual licensed challenger bank and digital asset custodian, has announced the successful closing of its Series A funding round worth USD 8 million.

The fundraise, led by BnkToTheFuture, Decentralized Ventures, NFG Fund, CCIX Global, Zenrain Technology, and Satvat, raises FV Bank’s post money valuation to USD 48.9 million.

Founded in 2018, 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 bank, based in Puerto Rico, with an Office of the Commissioner of Financial Institutions (OCIF) digital asset custody license, offers 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 convert digital assets to fiat currency. 

The newly injected capital will help FV Bank to launch its digital asset custody division, develop its debit card offering, and accelerate its international expansion. 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 USD 750 million to USD 1 billion AUM within the next year.

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Keywords: neobanks, digital banking, online banking, fintech, funding
Categories: Banking & Fintech
Companies:
Countries: Puerto Rico
This article is part of category

Banking & Fintech

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