Financial institution Lead Bank secures $70 million in funding to fuel expansion in the FinTech sector and digital asset market.
Lead Bank, a key player in the global FinTech ecosystem, has raised $70 million in a Series B funding round led by ICONIQ and Greycroft. The funding round also had continued support from existing investors Ribbit Capital, Coatue, Khosla Ventures, Andreessen Horowitz, and Zeev Ventures.
With this funding, Lead Bank aims to expand its product capabilities and strengthen its technology stack, setting a new benchmark for banking partnerships with the next generation of financial services leaders.
Since the acquisition in 2022 for $56 million, Lead Bank, under the leadership of CEO Jackie Reses, has transformed into a cornerstone institution for the global FinTech ecosystem. The bank has partnered with Stripe and Visa to power their stablecoin-linked payment card platform, and has also been named a strategic banking partner by workplace payments platform Branch, serving customers such as Uber and Instacart.
The investment brings Lead Bank's post-money valuation to $1.47 billion. The funding will enable Lead Bank to continue scaling a model of banking that empowers FinTechs, while maintaining its focus on providing seamless digital experiences as regulatory expectations evolve.
Lead Bank's banking-as-a-service (BaaS) platform is designed to meet the pace and scale of high-growth FinTechs. The platform combines agility with robust risk and compliance frameworks, making it a preferred choice for FinTechs seeking a reliable banking partner.
As Lead Bank moves forward, it intends to leverage the fresh capital to further enhance its technology offerings and continue its mission of empowering FinTechs. Despite not announcing any new partnerships in this paragraph, Lead Bank remains committed to fostering strategic partnerships that drive innovation and growth in the FinTech industry.
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