BlockBeats news, on November 25, insiders revealed that Singapore Gulf Bank is seeking to raise at least $50 million in a funding round and plans to acquire a stablecoin payment company next year.
Insiders say that this startup bank was founded by the Singapore family office Huangpu Group and obtained a license in Bahrain this February. It is currently in discussions with a Middle Eastern sovereign wealth fund and other investors to sell less than 10% of its equity before early 2025.
The proceeds will primarily be used to accelerate product development, enhance the bank's payment network, and hire more staff. They stated that Gulf Bank plans to acquire a stablecoin payment company in the Middle East or Europe in the first quarter. A bank spokesperson declined to comment on the funding, valuation, or acquisition plans.