FV Bank hires Frank Serra as chief financial officer
FV Bank, a licensed challenger bank and digital asset custodian, has appointed Frank J. Serra as its new Chief Financial Officer (CFO) with immediate effect.
With more than 26 years of experience, Serra is a seasoned professional who brings a wealth of expertise in asset management, regulatory compliance, and financial performance management to the role. In his position, Serra will be responsible for overseeing FV Bank’s financial operations, including reporting, budgeting, forecasting, and strategic planning, as a member of the executive team.
As CEO of Santander Asset Management, Serra was responsible for overseeing the management of over €200 billion in assets under management across a range of investment strategies, including equities, fixed income, multi-asset, and alternative investments.
Overall, Serra’s extensive experience in the financial services industry, coupled with his track record makes him a key figure in the asset management industry, particularly in Europe and Latin America, where FV Bank has a strong presence.
“I’m very pleased to have Frank join FV Bank as our new CFO,” said FV Bank CEO Miles Paschini. “Frank’s leadership and exceptional experience will be invaluable to us as we continue to expand our banking services and explore exciting new opportunities within the traditional finance and digital asset sectors. With his extensive expertise in asset management and financial leadership, we are confident in his ability to lead the financial operations of FV Bank and support our ambitious growth plans.”
“I’m excited to join FV Bank at this pivotal moment in its growth trajectory,” said Frank J. Serra. “I look forward to working with Miles and the entire team to build on the bank’s solid financial foundation and deliver strong results for our customers and shareholders. FV Bank has a tremendous opportunity to capitalize on its unique market position and I’m eager to contribute to the bank’s continued success.”
FV Bank made headlines in late 2022 after adopting USD Coin (USDC) on its platform as a payment acceptance, processing and settlement method. The service enables FV Bank account holders to instantly and automatically convert Circle’s stablecoin into USD at the moment of deposit.
The crypto-friendly bank acts as a bridge between fiat bank accounts and USD Coin. The move aligns with FV Bank’s plans to begin offering digital-asset custody services seamlessly integrated into its banking platform.
Clients have been asking for payouts in cryptocurrency, which the challenger bank will do by converting fiat to USDC, giving customers the ability to send funds in stablecoin with full regulatory compliance.
The bank touts other benefits including reducing the friction of domestic and international settlements as the money transfer process becomes dramatically faster. The firm believes the move helps cut the necessary IT infrastructure as well as the capital base for outfits that want to adopt crypto-backed payments. For instance, FV Bank account holders are now able to send invoices to their international clients in USDC and receive it without worrying about wallets, conversions, fees etc.