Banking Circle's main goal is to meet the global banking and payments needs of payments businesses, banks and online marketplaces. Banking Circle solutions power the payments propositions of more than 350 regulated payment businesses, banks and marketplaces.
Core solution
We are a next generation payments bank that is designed to meet the global banking and payments needs of payments businesses, banks and marketplaces. Specialising in providing infrastructure around multi-jurisdictional physical and virtual accounts, foreign exchange and payments, Banking Circle offers 24 currencies and access to local clearing schemes in 11 currencies and growing. Our unique position enables our clients to create their own bespoke solutions for correspondent banking, sponsorship into local payment schemes such as SEPA and multi-currency virtual accounts offering ability to send and receive payments in their customers' name.
Target market
Contact details
Mishal Ruparel, Chief Revenue Officer
MR@bankingcircle.com
Geographical presence
UK, EUR and Asia with USA and AU coming by the end of 2023.
Year founded
2013
Investors
EQT VIII and EQT Ventures
License type
Luxembourg credit institution authorised by the CSSF - registration number LUB00000408, with branches in Germany, Denmark, and UK.
Member of industry association and/or initiatives
The Payments Association UK, Europe and Asia, European Association of Payment Service Providers (EPSM), UK Finance, Innovate Finance, Payments Innovation Forum (PIF), AFEP, Verband der Auslandsbanken in Deutschland (Association of Foreign Banks in Germany), Holland FinTech, Copenhagen FinTech, Luxembourg for Finance Association, FinTech Ireland, Financial Services Forum
Company's motto
The Payments Bank for the new economy
Main area of focus
Banking Circle solutions enable payments businesses, banks and marketplaces to access global cross-border payments, accounts and liquidity management.
Payment methods supported
Cross-border (SWIFT), Real-time gross settlement (RTGS), Batch clearings i.e., SEPA SCT, Intradag and Instant schemes i.e., Faster Payments, SEPA Instant. Direct Debit Creditor live in EUR and Debitor capability in GBP and EUR by end 2023.
Settlement currencies
24
Instant settlement
Yes
Pay-out/Disbursements
Payments orchestration
Reconciliation and reporting
B2B payments
Consolidated data and reporting dashboard
FX - number of currencies available
Yes, 24 currencies
Virtual IBAN
Multi currencies virtual IBAN (# of currencies)
Current account/settlement account
Embedded finance/ Lending to SMEs or merchants
Yes, with our sister entity YouLend
Embedded finance/ BNPL for consumers
No
Client onboarding (KYC/KYB)
Main clients/references
Stripe, Alibaba, Paysafe, PPRO, Nuvei, Paymentsense, Novalnet
Case studies
Nuvei, Paysafe, Ixaris
Awards
10 in 2022, including: Europe FinTech Awards 'Banking Tech of the Year', FSTech Awards 'Cloud Computing Innovation', Payments Awards 'Best Cross-Border Payments infrastructure' and 'B2B Payments innovation of the Year'
Future developments
Banking Circle is increasing its global presence with sister entities in Australia and USA, enabling local capability within these two currencies/countries. Building on our FX capability, we are launching Held Rates from 30 seconds to 24 hours in H2 2023. Our Agency Banking solution is being enhanced to add SEPA Instant.
Transaction volume
130 million payments per year
Transaction value
more than EUR 375 billion