Western Union Acquires 15% Stake in stc Bank
October 12, 2021
The Western Union Company acquired a 15% minority stake in stc Bank for $200 million, marking a strategic minority investment to deepen its presence in the Middle East payments ecosystem. The deal extends an existing commercial partnership—Western Union will provide cross-border money transfer capabilities to stc Bank's app as stc Bank launches as one of Saudi Arabia's first digital banks.
- Buyers
- The Western Union Company
- Targets
- stc Bank
- Industry
- Payments & Fintech
- Location
- Riyadh Province, Saudi Arabia
- Transaction Type
- Growth capital
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