ChainCatcher reported that according to Bloomberg, people familiar with the matter revealed that Singapore's Gulf Bank is seeking to raise at least US$50 million and plans to acquire a stablecoin payment company next year.
The start-up bank, founded by Singaporean family office Whampoa Group and licensed in Bahrain since February, is in talks with Middle Eastern sovereign wealth funds and other investors to sell a stake of less than 10% by early 2025.
The proceeds will be used primarily to accelerate product development, enhance the bank’s payment network and hire more employees, the people said. Gulf Bank plans to acquire a stablecoin payment company in the Middle East or Europe in the first quarter, they said. A spokesman for the bank declined to comment on the financing, valuation or acquisition plans.
