Andreessen-Backed Fintech Lead Bank Hits $1.47 Billion Valuation

Lead Bank, the 97-year old Missouri lender rebuilt to serve fintech and crypto firms, has raised $70 million at a $1.47 billion valuation — almost double last year’s mark — as it pushes to expand its balance sheet and client base.

Andreessen Horowitz and Khosla Ventures, among Silicon Valley’s best-known investors, joined the round alongside other existing investors including Ribbit Capital, Coatue and Zeev Ventures, the bank said. They were joined by newcomers Iconiq Capital and Greycroft.

The funds will help the bank bolster its balance sheet as it’s looking to grow its business in the booming ...