Stanhope Financial Group Secures $10 Million Funding from Gate.io
On Thursday, Gate.io, a cryptocurrency trading platform, announced that its venture capital firm Gate Ventures led a $10 million Series A funding round for Stanhope Financial Group. According to the press release, a portion of this funding will be used to develop its product offerings, strengthen its management team, expand its market share, and prepare for SH Digital, the launch company’s upcoming affiliate digital assets division.
Stanhope Financial Group has seen significant growth within its business divisions since it began operations in October 2021. Its SH Payments division, licensed as an Electronic Money Institution, provides businesses with global banking solutions for sending and receiving money efficiently.
“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,” Kevin von Neuschatz, Group CEO of Stanhope Financial Group, commented.
Mohit Davar, Executive Chairman of Stanhope Financial Group, added: "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."
Yesterday, as a means of expanding its reach, Gate.io launched an institution services division. The new entity, Gate Institutional, will provide services to market makers and brokers.
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