(MENAFN- PR Newswire)
MAJURO, Republic of the Marshall Islands, May 12, 2022 /PRNewswire/ -- Gate.io , one of the world's earliest cryptocurrency exchanges and a leader among digital asset platforms, has announced that its venture capital firm Gate Ventures has led a $10 million Series A funding for Stanhope Financial Group recently, an Ireland-based global fintech company that provides businesses with a full suite of banking services. The funding will be used to develop the group's product offerings, strengthen the management team, increase its market share, and prepare for the launch company's upcoming affiliate digital assets division, SH Digital.
Stanhope Financial Group has seen substantial growth across its business divisions since it began operations in October 2021. Its SH Payments division, licensed as an Electronic Money Institution, offers businesses banking services to efficiently send and receive money globally. Its SH Capital division allows institutions to gain access to premium global investment products across all capital markets. Its affiliate company, SH Digital, offers cryptocurrency liquidity and trading services. Stanhope Financial Group has been granted financial services licences by both the Bank of Lithuania and by Dubai Financial Services Authority.
Kevin von Neuschatz, Group CEO of Stanhope Financial Group, said:
'Our suite of Tier 1 banking services has been specifically developed to enable ambitious businesses to make faster, more effective payments, access investment products, and embrace digital trading with complete confidence.
For too long, fast-growing SMEs have been overlooked by the established banks and institutions and we're here to change that. This major funding round will go directly towards expanding our expertise, developing new products, and offering companies access to all the services they need to thrive, but have been denied.'
Mohit Davar, Executive Chairman of Stanhope Financial Group, said:
'These are exciting times for Stanhope Financial Group, and this investment will enable us to further expand our key divisions which have already made huge inroads into the market.
I want to take this opportunity to thank all investors, especially Gate Ventures , for the confidence they have shown in the team to continue to deliver on its strategic plans and create tremendous shareholder value.'
Kevin Yang, Investment Director of Gate Ventures, said:
'To accelerate the adoption of cryptocurrency and convergence with mainstream traditional banking has increased the need for Gate.io to work with innovative and regulated companies like Stanhope Group to further develop our product portfolio and continue to build innovative solutions for our customers.'
SOURCE Gate.io
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