Banking Circle is a financial utility, which gives banks, insurtech and financial technology businesses the opportunity to provide their customers with access to international banking solutions – including accounts, payments and loans – without the need to invest in developing and deploying solutions in–house.
It is headquartered in Hellerup, Denmark, has offices in London and Luxembourg, and its technology can cope with the demands of the largest companies. This year it will process 12 million payments with a combined value of £80bn.
In September 2018, Banking Circle was acquired by EQT VIII and EQT Ventures, in partnership with Banking Circle’s founders. The acquisition will see EQT support Banking Circle’s continued acceleration of its growth strategy, in current and new geographies, as well as the expansion of the product portfolio.
In 2018 alone, Banking Circle has won 13 awards, of which seven were for Banking Circle Virtual IBAN.
Out-dated and manually intensive collection and reconciliation systems have a stranglehold on the insurance sector, stopping companies from getting any satisfaction from the moving feast of payments. This whitepaper sheds light on how the industry is managing this financial merry-go-round.