San Juan, Puerto Rico, Aug. 30, 2021 (GLOBE NEWSWIRE) — (via Blockchain Wire) FV Bank (www.fvbank.us), the rapidly growing dual licensed challenger bank and digital asset custodian, has announced the successful closing of its Series A funding round worth $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 $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. The first bank in Puerto Rico with an Office of the Commissioner of Financial Institutions (OCIF) digital asset custody license, 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.
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.
“We are focused on expanding our core suite of vertically integrated banking services to meet the demonstrated needs of institutional clients who are not catered to by the traditional banking sector,” said Miles Paschini, FV Bank’s CEO. “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.”
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 $750 million to $1 billion AUM within the next year.
“Banking for FinTech companies is still a major challenge for many of the companies we’ve invested in and it requires a fit for purpose challenger bank,” said Simon Dixon, CEO BnkToTheFuture.com. “As soon as we saw FV Bank’s expansion plans we wanted to not only bank with them, but also support their funding so they can serve FinTech companies building the future of finance.”
FV Bank 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 FV Bank’s proprietary FVNet will support FV Bank’s regulated digital asset custody services and streamline liquidity settlement for corporate clients.
About FV Bank
Headquartered in Puerto Rico, FV Bank International Inc., licensed by the Office of the Commissioner of Financial Institutions (OCIF), is wholly owned by Fintech Holdings LLC. FV Bank is redefining international digital banking by seamlessly integrating traditional banking services with digital asset management. Founded by payments veterans Miles Paschini and Nitin Agarwal, FV Bank aims to support the growth and unique requirements of Fintech and blockchain companies and their clients. For more information, visit: https://www.fvbank.us/
The Top Floor Public Relations
Tense diplomatic relations may not impact trade, investment ties between India, Canada: Experts
NEW DELHI: The tense diplomatic relations between India and Canada are unlikely to impact trade and investments between the two countries as economic ties are driven by commercial considerations, according to experts. Both India and Canada trade in complementary products and do not compete on similar products.
“Hence, the trade relationship will continue to grow and not be affected by day-to-day events,” Global Trade Research Initiative (GTRI) Co-Founder Ajay Srivastava said.
Certain political developments have led to a pause in negotiations for a free trade agreement between the two countries.
On September 10, Prime Minister Narendra Modi conveyed to his Canadian counterpart Justin Trudeau India’s strong concerns about the continuing anti-India activities of extremist elements in Canada that were promoting secessionism, inciting violence against its diplomats and threatening the Indian community there.
India on Tuesday announced the expulsion of a Canadian diplomat hours after Canada asked an Indian official to leave that country, citing a “potential” Indian link to the killing of a Khalistani separatist leader in June.
Srivastava said these recent events are unlikely to affect the deep-rooted people-to-people connections, trade, and economic ties between the two nations.
Bilateral trade between India and Canada has grown significantly in recent years, reaching USD 8.16 billion in 2022-23.
India’s exports (USD 4.1 billion) to Canada include pharmaceuticals, gems and jewellery, textiles, and machinery, while Canada’s exports to India (USD 4.06 billion) include pulses, timber, pulp and paper, and mining products.
On investments, he said that Canadian pension funds will continue investing in India on grounds of India’s large market and good return on money invested.
Canadian pension funds, by the end of 2022, had invested over USD 45 billion in India, making it the fourth-largest recipient of Canadian FDI in the world.
The top sectors for Canadian pension fund investment in India include infrastructure, renewable energy, technology, and financial services.
Mumbai-based exporter and Chairman of Technocraft Industries Sharad Kumar Saraf said the present frosty relations between India and Canada are certainly a cause for concern.
“However, the bilateral trade is entirely driven by commercial considerations. Political turmoil is of a temporary nature and should not be a reason to affect trade relations,” Saraf said.
He added that even with China, India has acrimonious relations but bilateral trade continues to remain healthy.
“In fact, bilateral trade is an effective tool to improve political relations. India must make special efforts to increase our bilateral trade with Canada,” Saraf said.
India and Canada have a strong education partnership. There are over 200 educational partnerships between Indian and Canadian institutions.
In addition, over 3,19,000 Indian students are enrolled in Canadian institutions, making them the largest international student cohort in Canada, according to GTRI.
According to the Canadian Bureau for International Education (CBIE), Indian students contributed USD 4.9 billion to the Canadian economy in 2021.
Indian students are the largest international student group in Canada, accounting for 20 per cent of all international students in 2021.
Benefits of educational partnerships are mutual and hence the current situation may have no impact on the relationship, Srivastava said.
Apple supplier Foxconn aims to double India jobs and investment
Apple supplier Foxconn aims to double its workforce and investment in India by next year, a company executive said on Sunday.
Taiwan-based Foxconn, the world’s largest contract manufacturer of electronics, has rapidly expanded its presence in India by investing in manufacturing facilities in the south of the country as the company seeks to move away from China.
V Lee, Foxconn’s representative in India, in a LinkedIn post to mark Indian Prime Minister Narendra Modi’s 73rd birthday, said the company was “aiming for another doubling of employment, FDI (foreign direct investment), and business size in India” by this time next year.
He did not give more details.
Foxconn already has an iPhone factory employing 40,000 people in the state of Tamil Nadu.
In August, the state of Karnataka said the firm will invest US$600 million for two projects to make casing components for iPhones and chip-making equipment.
The company’s Chairman Liu Young-way said in an earnings briefing last month that he sees a lot of potential in India, adding: “several billion dollars in investment is only a beginning”.
Taiwan election: Foxconn’s Terry Gou taps star-powered running mate
Last month, Foxconn’s billionaire founder Terry Gou said he would run for the Taiwanese presidency in next year’s election, as an independent candidate.
He said the ruling and independence-leaning Democratic Progressive Party (DPP) was unable to offer a bright future for the island and left Foxconn’s board following his decision to run.
The firm operates the world’s largest iPhone plant, in the city of Zhengzhou in Henan province.
Foxconn to double workforce, investment in India by ‘this time next year’
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