12 months after launching Banking Licence, Banking Circle is already processing 6% of European B2C e-commerce payments
- Doubled client base since acquiring Banking Licence to over 150+ financial institutions including Stripe, Alibaba and Paysafe
- Processed 6% of European B2C e-commerce flow in 2020
- Processed EUR 155bn of payments volume in 2020
- Targeting EUR 250 billion run-rate annual payment volumes and 100 million annual bank transfers by end of 2021
LUXEMBOURG, May 5, 2021 /PRNewswire/ -- Banking Circle, the payments specialist, has reported a significant uplift in payments flow and clients a year after it launched its Banking Licence.
Banking Circle received its Banking Licence from the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg in February 2020, enabling it to give financial institutions direct access to real-time payments regardless of borders or size.
Twelve months on, the company is reporting significant growth as it continues to support the cross border flows of Payments businesses and Banks, while they focus on delivering solutions to their end customers.
"The Banking Circle mission is the driving focus that cross border payments take too long and cost too much," explained Anders la Cour, Chief Executive Officer and Co-founder. "The key is to reduce the number of stages of any transaction, which is why we are focused on building one super correspondent banking network. We are doing 'the heavy lifting' for our clients, investing in the difficult job of integrating a vast network of local clearing and payments schemes."
Banking Circle's goal is to provide best in class payment rails through a combination of direct clearing with central banks and a strong correspondent banking network. Today, Banking Circle delivers access to 12 local clearing schemes through a combination of direct clearing and partner banks, enabling cross border payments in 25 currencies.
Acquired by the EQT VIII fund ("EQT VIII") and EQT Ventures fund ("EQT Ventures") (jointly "EQT"), together with company founders and other co-investors in September 2018, Banking Circle has been able to accelerate its growth in current and new geographies, with access to both operational and financial resources to drive innovation and investments in technology development and talent acquisition. It has also leveraged the entire EQT platform, including deep TMT sector expertise, local presence and EQT's global network of Industrial Advisors.