Lead Bank, a state-chartered bank providing banking-as-a-service (BaaS) infrastructure for fintechs and digital asset companies, announced the close of its $70 million Series B fundraising round. This financing round elevates the company’s post-money valuation to $1.47 billion.
The investment round saw participation from new investors ICONIQ and Greycroft, alongside existing investors Ribbit Capital, Coatue, Khosla Ventures, Andreesen Horowitz, and Zeev Ventures.
Jackie Reses, CEO of Lead Bank, commented on the funding, stating, “The fastest growing fintechs want to work with a bank that moves at their speed, without compromising on risk or compliance. We’re grateful to our investors, new and old, for seeing the future as we do – one where we can use technology and creativity to elevate banking standards and drive more innovation in finance.” Reses led the current management team’s acquisition of Lead Bank in 2022 for $56 million.
Lead Bank’s BaaS platform is designed to provide compliant, technology-first banking infrastructure. It offers programmable products for direct integration into transaction workflows, allowing fintechs, consumer companies, and digital asset firms to scale their financial service offerings while maintaining compliance.
The bank has established key partnerships, including an alliance in April with Stripe and Visa to power their stablecoin-linked payment card platform. In July, Lead Bank became a strategic banking partner for Branch, a workplace payments platform that serves clients such as Uber and Instacart. Beyond its BaaS platform, Lead Bank also offers full-service business and personal banking to clients nationwide.
