Lead Bank Secures $70 Million Funding to Expand Fintech Operations

According to BlockBeats, Lead Bank, known for its crypto-friendly approach, has successfully raised $70 million in funding, valuing the bank at $1.47 billion. The funding round was led by a16z and Khosla Ventures, with participation from existing investors Ribbit Capital, Coatue, and Zeev Ventures. New investors include Iconiq Capital and Greycroft. The newly acquired funds will be utilized to strengthen Lead Bank's balance sheet, aiding its expansion in the fintech sector. Lead Bank's clientele includes Affirm Holdings Inc., a 'buy now, pay later' company, Ramp Business Corporation, a corporate expense management platform, and Bridge, a stablecoin business unit recently acquired by Stripe Inc.