Banking Circle to acquire ASL

Still subject to the completion of certain closing conditions, including regulatory approvals, the acquisition supports Banking Circle’s objective of developing a global hub for real-time clearing and settlement for all major currencies while also advancing its expansion into Australia. As a modern payment bank, Banking Circle equips its clients with a suite of payment and banking solutions via its network of direct and indirect access to global clearing infrastructures. On the other hand, ASL is a provider of settlement and processing solutions, delivering its services to banks and payment companies operating across the Australian market.

The agreement to acquire ASL comes just over a month after EQT and Financial Technology Partners announced their plans to sell Banking Circle. At that time, it was mentioned that, if EQT and FT Partners found buyers and saw the deal concluded, they could bring in at least USD 3 billion to USD 4 billion. The selling process was set to start in the first quarter of 2025, according to sources familiar with the matter cited by Bloomberg, which asked not to be identified due to the information not being released yet to the public. Private equity firms and large credit card and banking organisations could be interested in buying the company due to its position in the industry and offering.

Banking Circle’s acquisition of ASL

By proceeding with this initiative, Banking Circle and ASL could merge their complementary businesses that focus on offering financial infrastructure to banks and payment organisations, with it being projected to solidify both companies’ position in the Australian payments market. Utilising ASL’s local processing and clearing features and Banking Circle’s global payments solutions, the latter intends to develop a proposition that meets the needs, demands, and preferences of the region. Additionally, combining Banking Circle and ASL’s capabilities can allow Australian financial institutions to gain access to global payment solutions and open up AUD settlement services to worldwide participants. Through this, financial services in Australia could become more accessible, optimised, and cost-effective.

Furthermore, Banking Circle operates in the region via its regulated Australian Financial Services Licence (AFSL) subsidiary, BC Payments Australia Pty, which offers local payment solutions through ASL. The current transaction is set to allow Banking Circle to accelerate its expansion across Australia while also providing its entire product suite to the market.