Crypto-friendly bank Lead Bank completed a $70 million financing with a valuation of $1.47 billion, led by a16z and Khosla Ventures

According to ChainCatcher, Lead Bank, a Missouri lender with a 97-year history and restructured focus on serving fintech and cryptocurrency companies, completed a $70 million financing at a valuation of $1.47 billion - a valuation that nearly doubled from last year as it promoted balance sheet expansion and customer base expansion. The bank said that the well-known Silicon Valley investment institution Andreessen Horowitz (a16z) led the round of financing with Khosla Ventures, followed by existing investors Ribbit Capital, Coatue and Zeev Ventures, and new investors include Iconiq Capital and Greycroft. The funds will be used to strengthen the balance sheet to help it expand its business in the fintech sector. Lead Bank's clients include Affirm Holdings Inc., a “buy first and pay later” company, Ramp Business Corporation, an enterprise spending management platform, and Bridge, a stablecoin business unit recently acquired by Stripe Inc.