iFast Snags Majority Stake in Bahrain’s BFC Bank

iFast has grabbed a majority stake in Bahrain’s BFC Bank through an agreement with bidding company Eagles Peak, a move that gives the Singapore-based FinTech a stronger foothold in the U.K., according to a Finews.asia report Friday (Jan. 7). 

As part of the deal, iFast will acquire 85% of Eagles Peak for 40 million pounds ($54 million), pending approval by regulatory authorities. MMSS Investments will retain the remaining 15% of Eagles Peak, which was launched last year for the purpose of selling BFC Bank. 

iFast expects to suffer financial losses in 2022 and 2023 — BFC Bank posted a net loss of 2.2 million pounds ($2.98 million) for the first nine months of 2021. It expects the acquisition to accelerate client acquisitions around the world through licensed access to a global financial hub.  

The BFC Bank acquisition is one step in iFast’s five-year plan to develop a global business model, according to the report. 

“While the group has made substantial progress as a wealth management platform without some of the key advantages that the banks have, a lot more can be achieved if there is a bank within the group,” iFast said in a company statement. 

Related: Revolut Singapore Gets OK to Offer Silver, Gold Trading 

Earlier this week, FinTech Revolut got permission from the Monetary Authority of Singapore (MAS) to let customers to trade gold and silver on its app. The U.K. company will launch the service this year, letting  customers buy and sell gold and silver exposure, backed by real metals, based on live market performance data. 

Users will be able to transfer exposure to other Revolut customers and round up their change as silver or gold, The Business Times reported. There’s no account minimum account to begin investing. Transaction fees will vary depending on membership levels (1.5% for standard customers, 0.5% for premium or metal customers). 

Revolut Singapore last month announced it had procured a license from the MAS to allow stock trading. It is also planning to offer cryptocurrencies to its customers in Singapore, pending licenses and approvals. Last year, Revolut raised $800 million and was valued at $33 billion.