Iconiq and Greycroft Back $70M Bet on Fintech’s New Banking Backbone

Lead Bank, a U.S.-based state-chartered institution specializing in banking-as-a-service (BaaS) for fintech and digital asset companies, has completed a $70 million Series B fundraising round, valuing the company at $1.47 billion post-money [1]. The financing was led by new investors ICONIQ and Greycroft, alongside existing backers such as Andreesen Horowitz (a16z), Khosla Ventures, Ribbit Capital, and others [2]. This significant funding underscores the growing demand for compliant and scalable financial infrastructure in the fintech sector.

Founded in 2022 and acquired by its current management team for $56 million, Lead Bank has rapidly established itself as a key player in the fintech ecosystem. Its BaaS platform enables leading financial technology firms to integrate programmable banking products directly into their transaction workflows, streamlining compliance and fostering innovation [2]. The platform supports fintechs, consumer technology, and digital asset companies in scaling their offerings with minimal friction.

Recent partnerships highlight the growing recognition of Lead Bank’s capabilities. In April 2025, the bank collaborated with Stripe and Visa to power a stablecoin-linked payment card platform, an initiative that underscores the expanding role of digital assets in mainstream financial services [1]. In July of the same year, Lead Bank was named a strategic banking partner by Branch, a payments platform serving companies such as Uber and Instacart [2]. These collaborations reflect the bank's strategic alignment with high-growth fintechs looking to enhance their financial infrastructure.

Jackie Reses, CEO and co-founder of Lead Bank, emphasized the need for a banking partner that can move at the speed of modern fintechs without compromising on regulatory compliance. “The fastest-growing fintechs want to work with a bank that moves at their speed, without compromising on risk or compliance,” she stated [1]. Reses’ leadership has been central to positioning Lead Bank as a bridge between traditional financial systems and the rapidly evolving digital economy.

The BaaS model, which Lead Bank has pioneered, represents a shift in how financial services are delivered. By embedding banking services directly into fintech platforms, the model reduces operational complexity and lowers the barriers to entry for startups. Lead Bank’s ability to navigate complex regulatory environments while developing modern banking technology positions it to support the next wave of financial innovation [1]. This is particularly relevant as the demand for digital asset-related infrastructure grows alongside broader fintech expansion.

With this latest funding round, Lead Bank is well-positioned to further scale its operations and expand its offerings to a broader range of fintech and digital asset clients. The company continues to serve as a critical infrastructure provider for firms seeking to innovate in finance while maintaining regulatory standards. The firm’s trajectory reflects a broader industry trend toward the integration of technology and compliance in financial services [2].

Source:

[1] Lead Closes Series B (https://www.lead.bank/blog-posts/lead-closes-series-b)

[2] Lead Bank Closes Series B Fundraising Round (https://finance.yahoo.com/news/lead-bank-closes-series-b-181200301.html)