A16z-backed Lead Bank hits $1.47 billion valuation with $70 million raise

Lead Bank, a Missouri-based lender focused on fintech and crypto companies, has raised $70 million in its Series B round, pushing its valuation to $1.47 billion.

The bank announced Thursday that the latest round brought in new investors ICONIQ and Greycroft, alongside existing backers Andreessen Horowitz (a16z), Ribbit Capital, Coatue, Khosla Ventures, and Zeev Ventures.

"The fastest growing fintechs want to work with a bank that moves at their speed, without compromising on risk or compliance," Lead Bank CEO Jackie Reses said in the Tuesday statement.

Lead Bank is a 97-year-old Kansas City, Missouri-based community bank that was acquired in 2022 by a team of tech executives. Reses led the acquisition at the time for $56 million.

Since then, the bank has expanded its banking-as-a-service platform, attracting several high-profile partners in the fintech and crypto sector.

In April, Lead Bank partnered with Stripe and Visa to provide banking services for their stablecoin-linked payment card platform Bridge.