Company Database - Banking Circle

The Payments Bank for the new economy

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

  • PSPs
  • Fintechs
  • Banks
  • Marketplaces
  • Investment Funds and Corporate Service Providers
  • Crypto Exchanges
  • Acquirers and Issuers

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

Licence 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

Service provider type

Main area of focus

Banking Circle solutions enable payments businesses, banks and marketplaces to access global cross-border payments, accounts and liquidity management.

Payments capabilities

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

Payout/disbursements

Yes

Payments orchestration

Yes

Reconciliation and reporting

Yes

B2B payments

Yes

Reporting/dashboards

Consolidated data and reporting dashboard

Yes

Financial and compliance capabilities

FX - number of currencies available

Yes, 24 currencies

Virtual IBAN

Yes, 24 currencies

Multi currencies virtual IBAN (# of currencies)

Yes, 24 currencies

Current account/settlement account

Yes

Embedded Finance/lending to SMEs or merchants

Yes, with our sister entity YouLend

Embedded Finance/ BNPL for consumers

No

Instant settlement

Yes

Client onboarding (KYC/KYB)

Yes

Clients

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.

Transactions

Transaction volume

130 million payments per year

Transaction value

more than EUR 375 billion