Stanhope Financial Group has secured $10 million in a Series A funding round. The round was led by Gate Ventures, a subsidiary of Gate.io, a leader among digital asset platforms.
According to the announcement, the funding will be used to increase the company’s market share, strengthen its management team, and develop the firm’s product offerings. The company is also preparing for the launch of its affiliate digital assets division, SH Digital. Part of the fund will be used to set up the new division.
Stanhope To Expand Its Suite Of Products
Stanhope Financial Group has witnessed impressive growth in its business divisions since it was launched in October last year. The firm says its SH Payments division brings most of its revenues. It provides business banking services that enable users effectively send and receive money globally.
Additionally, the firm’s SH Capital division provides services for institutions. It offers them access to premium global investment products across all capital markets.
The company recently received financial services licenses from both the Dubai Financial Services Authority and the Bank of Lithuania.
Chief Executive Officer of Stanhope Financial Group, Kevin von Neuschatz, stated that the firm’s banking services have been designed to aid more efficient and faster payment services. It will also enable businesses to access investment products while embracing digital trading with full confidence.
The Company Will Also Expand Its Key Divisions
Fast-growing SMEs have not been given the attention they deserve for a long time, especially by the established financial institutions.
Neuschatz stated that the funding round will enable the firm to offer companies access to the services they require to thrive.
Investment Director of Gate Ventures, Kevin Yang, stated that Gate.io has to work with regulated and innovative companies like Stanhope Group. The need for such collaboration has increased with the wider adoption of cryptocurrency, he added.
Executive Chairman of Stanhope Financial Group, Mohit Davar, while commenting on the funding round, stated that it will allow the company to expand its key divisions.
He thanked Gate Ventures and other investors that participated in the round. Davar believes that the team will continue to create shareholder value while delivering on its strategic plans.
