PANews reported on September 5th that according to Bloomberg, Lead Bank, a 97-year-old Missouri lender that has been restructured to focus on serving fintech and cryptocurrency companies, has completed a $70 million financing round at a $1.47 billion valuation, nearly double its valuation last year, as it expands its balance sheet and client base. The bank stated that the round was led by renowned Silicon Valley investment firms Andreessen Horowitz (a16z) and Khosla Ventures, with participation from existing investors Ribbit Capital, Coatue, and Zeev Ventures, as well as new investors including Iconiq Capital and Greycroft.
The funds will be used to strengthen its balance sheet and expand its business in the fintech sector. Lead Bank’s clients include buy now, pay later company Affirm Holdings Inc., enterprise spend management platform Ramp Business Corporation, and Bridge, the stablecoin business recently acquired by Stripe Inc.
