Stanhope Financial Group, a new fintech company, has launched as a combined tier one banking services provider targeting small and medium sized business on a global scale, according to Business Matters.
The company will offer a suite of specialist services, including FX payments, treasury services and access to financing, acting as an enabler for mid-market enterprises to access previously denied services from the big banks. Stanhope will offer key business-to-business payments services via the company’s fintech platform targeting small and medium sized enterprises (SME/MMEs).
Stanhope Financial’s first funding round will enable the company to launch on-the-ground specialist subsidiary companies in Dubai, serving the UAE, Asia, and African markets with investment products and solutions as well as in Lithuania, serving European customers in global payments and FX. The company also has plans to apply for a licence to operate in the UK and other key markets in the coming months.
The company’s research has identified a clear market opportunity. Demand for access to short-term investment products and international payment rails (SEPA/CHAPS/SWIFT and Fedwire) and foreign currency to make local payments continues to outstrip current supply sources due to major global banks’ current lack of appetite.
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