Gulf Bank seeks to raise at least $50 million and plans to acquire a stablecoin payment company next year

Odaily News Singapore's Gulf Bank is seeking to raise at least $50 million and plans to acquire a stablecoin payment company next year, according to people familiar with the matter. The startup bank was founded by Singapore family office Whampoa Group and has been licensed in Bahrain since February. The bank is currently in talks with Middle Eastern sovereign wealth funds and other investors and plans to sell less than 10% of its equity by early 2025. People familiar with the matter said the proceeds will be mainly used to accelerate product development, enhance the bank's payment network and recruit more employees. They said Gulf Bank plans to acquire a stablecoin payment company in the Middle East or Europe in the first quarter. A spokesman for the bank declined to comment on financing, valuation or acquisition plans. (Bloomberg)