Banking Circle

Overview

Banking Circle is a fully licensed Payments Bank designed to cater to the global banking and payment needs of Payment businesses, Banks, and Marketplaces. Through their API, they deliver fast, low-cost global payments and banking services by connecting to the world's clearing systems. This enables their clients to move liquidity in real-time for all major currencies securely and compliantly.

Banking Circle's solutions power the payment propositions of over 250 regulated businesses, Financial Institutions, and Marketplaces, allowing them to extend their geographic reach and access the markets their customers wish to trade in. In 2021 alone, they processed over 250 billion Euros in payment volumes, accounting for over 10% of Europe's B2C e-commerce flows.

History:

Investors and Locations

Banking Circle was acquired by EQT VIII and EQT Ventures, in partnership with Banking Circles founders, in September 2018. They have over 450 employees across four locations: Luxembourg, London, Copenhagen, and Munich.

Regulatory Information

No Regulation. Although they claim the following on their official website:

Banking Circle has been granted authorization as a credit institution under point (1) of Article 4(1) of Regulation (EU) No 575/2013, (Bank number LUB00000408) and is under the supervision of the Luxembourg Commission for the Financial Sector.

Solutions

The services provided by Banking Circle can be categorized as follows:

Payment Business Solutions: This includes various types of accounts (Multi-currency Settlement Accounts, Safeguarding Accounts, Operational Accounts, Virtual Accounts, Payments On Behalf Of (POBO) and Collections On Behalf Of (COBO), Marketplace Collections), payment methods (Local Payments, Cross-border Payments, Foreign Exchange, SEPA Direct Debits, GBP Faster Payments), foreign exchange services (Multi-currency Payments, FX Trading, Guaranteed FX Rates), and agency banking.

Bank Services: This includes Accounts & Virtual Solutions (Virtual Accounts for Banks, POBO & COBO, Reconciliation Solutions for Financial Markets, Settlement Accounts, Operational Accounts), Payments & Correspondent Banking (Local Collections and Payments, Cross-border Payments, SEPA Direct Debits, GBP Faster Payments, Multi-currency Payments, FX Trading), and Agency Banking for Banks.

Marketplace Solutions: This includes Collections for Sellers via Virtual Accounts, Multi-currency Settlement Accounts, and payment methods (Local Payments and Collections, Cross-border Collections, Foreign Exchange, SEPA Direct Debits).

Here is a detailed table of these services:

Clients and Testimonials

Banking Circle's solutions power the payments propositions of more than 250 clients, enabling them to gain the geographic reach and access to the markets in which their own customers want to trade. Their clients include Payments businesses, Banks, and Marketplaces. Some of their notable clients include Ixaris, Nuvei, and Paysafe.

Jeremy Büttner, Head of Banking Partnerships, EMEA, Stripe, says, “We selected Banking Circle for their technical platform. We believe in Banking Circles vision and execution of building best-in-class financial infrastructure for service companies like Stripe.”

Contact Information

For more information about Banking Circle, you can visit their website at www.bankingcircle.com or contact them via email at info@bankingcircle.com. Their registered office is located at 14, Porte de France, L-4360 Esch-sur-Alzette, Luxembourg.

Summary

Banking Circle is a global B2B banking services provider that offers solutions for payments businesses, banks, and marketplaces. It aims to provide cross-border payments, access to a global network of clearing and settlement, and global payments in 24 currencies, including local clearing in 11 currencies. It offers a variety of ways to connect to its payments technology, including API, Client Portal, or SWIFT, and it is underpinned by market-leading secure and compliant AML.

On the other hand, specific cons or negative aspects about the company are not readily available from the google search results. It's recommended to look at specific user reviews or employee feedback for more detailed pros and cons.