EQT acquires Saxo Payments Banking Circle

Maria Nikolova

EQT will support Saxo Payments Banking Circle’s continued growth by leveraging the entire EQT platform, including around 25 years of experience in future-proofing companies as well as accelerating hyper-growth businesses, deep TMT expertise, and a global industrial network.

Prime of prime relationships and the future

The EQT VIII fund (“EQT VIII”) and EQT Ventures fund (“EQT Ventures”) (jointly “EQT”) have together with company founders and other co-investors entered into an agreement to acquire Saxo Payments Banking Circle (“Banking Circle” or “the company”) from Saxo Bank A/S and other minority owners. EQT VIII will have the majority ownership.

Founded in 2013, Banking Circle is a next-generation provider of mission-critical infrastructure for online cross-border payments. Today, Banking Circle is processing around EUR 60 billion run-rate annual payment volumes for several high-profile customers using direct clearing access through partnerships with blue-chip partner banks. The global cross-border payments market is driven by an increasing need for faster and less costly payments, compliance, and transparency, resulting in one of the fastest growing segments within the payments ecosystem.

EQT will support the continued acceleration of Banking Circle’s growth strategy, in current and new geographies, as well as the expansion of the product portfolio. Through EQT, Banking Circle will get access to both operational and financial resources to drive innovation and investments in technology development and talent acquisition. The company will also be able to leverage the entire EQT platform, including deep TMT sector expertise, local presence and EQT’s global network of Industrial Advisors. Banking Circle’s current management team, including founders and co-CEOs Anders la Cour and Laust Bertelsen, will continue to lead the organization, building on a strong track record of growth.

“We are proud of Saxo Payments Banking Circle’s development and growth. As investor and incubator, we have supported the company with our core competencies in foreign exchange as well as developing and managing global fintech solutions. It is not an easy task to build fintech solutions that create value and are long-term sustainable, but the company has done what few succeed in. We see EQT as the ideal partner for the next part of the journey and we are confident that Saxo Payments Banking Circle will thrive and continue its impressive growth trajectory. We look forward to continuing a close collaboration with the company and EQT, leveraging our technology and market access”, says Kim Fournais, founder and CEO of Saxo Bank.

Anders la Cour and Laust Bertelsen, co-CEOs at Banking Circle comment: “We would like to thank Saxo Bank for a great partnership and look forward to a close collaboration in the years to come. We are excited to partner with EQT. With their support, we will be ideally positioned to continue innovating to serve our customers even better and continue our rapid growth.”

“We have followed Banking Circle for several years and are impressed by the company’s management team and unique innovation capabilities. Saxo Bank and Banking Circle’s management team have built an innovative, secure, and highly automated platform to make competitive, faster, and more transparent payments across borders. EQT is looking forward to supporting Banking Circle and the management team on their continued growth journey and in building a leading global payments infrastructure player. The cooperation between EQT VIII and EQT Ventures enables Banking Circle to benefit from the full EQT platform”, says Mads Ditlevsen, Responsible Deal Partner and Partner at EQT Partners, Investment Advisor to the majority owner EQT VIII.

“We’re excited to partner with the entrepreneurs behind Banking Circle and support them in building the next generation infrastructure for cross-border payments,” says Hjalmar Winbladh, Partner at EQT Partners and Investment Advisor to EQT Ventures. “Cross-border payments is a large and rapidly growing market dominated by traditional players. Banking Circle has built a disruptive solution with a strong value proposition. The customer feedback is excellent and the company’s traction is evident looking at the triple digit growth of the business.”

The transaction is expected to close in Q4 2018, subject to approval from financial regulators.

Read this next

Digital Assets

EOS Network Foundation rebrands EOSIO protocol as Antelope

The EOS Network Foundation (ENF), the new entity entrusted by the EOS community to develop its core blockchain software, said Antelope protocol will fork from EOSIO 2.0 and make “a leap for freedom.”

Digital Assets

Crypto.com receives FCA greenlight to operate in the UK

Crypto.com, one of the longest-established crypto platforms, has received a regulatory go-ahead to launch its services in the UK.

Retail FX

Plus500 reports $511.4 million revenue for the first semester 2022

Plus500 today has published its interim financial results for the first six months of its fiscal year 2022.

Digital Assets

AAX ranked among top crypto exchanges by CoinGecko and CryptoCompare

CoinGecko, one of the earliest crypto data aggregators, has ranked Atom Asset Exchange (AAX) as one of the most trusted cryptocurrency trading platforms. This milestone comes hot on the heels of AAX being recognized as the world’s second largest crypto exchange by spot trading volumes.

Retail FX

Financial Commission adds FX broker Bold Prime to membership roster

The Financial Commission today announced that it has added Bold Prime to its member roster, which is made up of online brokerages operating in FX, derivatives and cryptocurrency markets.

Digital Assets

Despite crypto winter, Cake DeFi paid out $58 million in Q2 rewards

According to its latest ‘Transparency Report,’ Cake DeFi continued its growth trajectory in the three months through June 2022, even as the entire crypto industry experienced macro challenges this quarter.

Retail FX

SimpleFX Review: Cryptos, Spreads, Pros & Cons

SimpleFX combines years of Forex and cryptocurrency experience with a focus on offering resources to retail traders. 

Retail FX

Ironbeam becomes CME clearing member and launches MT5

“The direct clearing aspect along with our low-latency proprietary trading tools and technology solutions make Ironbeam the ideal trading destination.”

Institutional FX

Top 0.07%: oneZero makes it to Inc. 5000 of fastest growing companies in America

oneZero started out by serving the foreign exchange trading community, developing and executing technology that could scale with the growth of the FX market.

<