Crypto-friendly bank Lead Bank completes $70 million funding at a valuation of $1.47 billion, led by a16z and Khosla Ventures

ChainCatcher news, according to Bloomberg, Lead Bank, a Missouri-based lending institution with a 97-year history that has been restructured to focus on serving fintech and cryptocurrency companies, has completed a $70 million financing round at a valuation of $1.47 billion—almost doubling its valuation from last year.

The bank stated that the round was led by the well-known Silicon Valley investment firms Andreessen Horowitz (a16z) and Khosla Ventures, with existing investors Ribbit Capital, Coatue, and Zeev Ventures participating. New investors include Iconiq Capital and Greycroft. The funds will be used to strengthen the balance sheet to support its expansion in the fintech sector. Lead Bank's clients include "buy now, pay later" company Affirm Holdings Inc., corporate expense management platform Ramp Business Corporation, and the stablecoin business unit Bridge recently acquired by Stripe Inc.