A16z-backed Lead Bank adds Loop Crypto to inner circle with eye on scaling stablecoins and payments

Loop Crypto said Tuesday it's joining forces with Lead Bank with the aim of taking advantage of the expected stablecoin boom.

"We're thrilled to join forces with Lead to scale our work in stablecoin and crypto payments, unlocking far greater impact and reach for technology that can make our financial system faster, more efficient, and more secure," Loop Crypto co-founder and CEO Eleni Steinman said in a blog post.

Although Lead Bank is a 97-year-old Kansas City, Missouri-based community bank, it has in recent years pivoted to focusing on fintechs and crypto companies. 

A group of tech executives led by Jackie Reses acquired Lead Bank in 2022. Earlier this year, Lead Bank raised $70 million in its Series B round, pushing its valuation to $1.47 billion. Investors included Andreessen Horowitz (a16z), ICONIQ, Greycroft, Ribbit Capital, Coatue, Khosla Ventures, and Zeev Ventures.

For its part, Loop Crypto said earlier this year it had raised a total of $6 million, some of which came from a16z, according to Blockworks.

Lead Bank's existing infrastructure and traditional ties will incorporate Loop Crypto's stablecoin processing power. In April, Visa and Stripe partnered on enabling fintech developers to offer stablecoin-linked Visa cards to customers. Lead Bank was listed as a financial institutional partner. 

Stablecoins "are a fast-growing, global financial force," Steinman said Wednesday.