Cardstream partners with Banking Circle to create lending service

Each of Cardstream’s partners provides payment services to hundreds of SME merchants. Now, with the launch of this new initiative, they can offer these merchants access to affordable business loans.

To help smaller businesses access essential business financing, Banking Circle entered the SME lending sector in 2018, launching Banking Circle Lending and Banking Circle Instant Settlement. These new solutions were built in response to an SME study involving more than 500 businesses, which revealed the impact of high interest rates, high arrangement fees and inflexible repayment options when accessing funding through traditional lenders.

Banking Circle is a provider of financial services infrastructure leading the rise of a super-correspondent banking network. Banking Circle helps banks and financial tech businesses to support customers’ trading ambitions – domestic and global - whilst reducing risk and the operational cost of transactions. Banking Circle solutions are increasing financial inclusion by helping thousands of businesses transact across borders.

In 2013 Saxo Bank formed a new entity, Saxo Payments A/S, with the purpose of using Saxo Bank’s core capabilities within the non-cash payments market. In October 2015 the company launched the Banking Circle – its product for payments and FX to the fintech industry. In October 2017, the company launched its new identity for Banking Circle, to reflect its position as a financial utility, servicing fintech businesses and banks. In September 2018, Banking Circle was acquired by EQT VIII and EQT Ventures, in partnership with Banking Circle’s founders.

Domiciled in the European Union, Banking Circle provides global banking services including accounts, payments, lending and foreign exchange services to financial institutions, including fintechs, banks, acquirers, payment service providers, FX brokers, money transfer businesses, e-wallets, and alternative payment providers.