Stanhope Financial Group, a new fintech company has today launched as the world’s first combined tier one banking services provider targeting small and medium sized business on a global scale.
The company, which has raised $3.5m in its first funding round 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.
The company, which is registered in Dublin, Ireland, opens its doors with more than 10 full time staff, including entrepreneur Kevin von Neuschatz, the former managing director of Small World Financial Services, and Capital Markets specialist Khalid Talukder, previously of UBS, Citi & Deutsche.
Stanhope Financial’s successful 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.
We plan to build a truly global company, with on-the-ground initial operations opening in Dubai and Lithuania, serving key regions with first class services
It will focus on both treasury management solutions and international transactional banking, giving its clients access to global payments services, payment schemes such as SEPA and deliverable foreign exchange services and financing opportunities.
Stanhope’s key service offering will include dedicated local relationships in key markets, aggregation of payments and foreign exchange services as well as consultancy and e banking industry expertise.
Khalid Talukder, Managing director, said: “With SMEs & MMEs around the world crying out for high quality payments and treasury solutions as well as access to finance in tough times, Stanhope will bridge the gap, empowering companies to expand and grow despite disruption caused by the pandemic.
“We plan to build a truly global company, with on-the-ground initial operations opening in Dubai and Lithuania, serving key regions with first class services.”
Kevin von Neuschatz, Group CEO, said: “Stanhope Financial will offer a game-changing service to clients, combining the efficiency of our powerful fintech platform alongside local expertise and quality consultancy to deliver real value for ambitious businesses. Our growth plan will enable us to build a truly global business, providing companies with much needed access to critical banking services.”
More on Stanhope Financial Goup here