EQT to acquire Saxo Payments Banking Circle
The EQT VIII fund and EQT Ventures fund have together with company founders and other co-investors agreed to acquire Saxo Payments Banking Circle from Saxo Bank. EQT VIII will have the majority ownership.
Founded in 2013, Banking Circle is a provider of infrastructure for online cross-border payments. Today, Banking Circle is processing around €60 billion run-rate annual payment volumes for several customers using direct clearing access through partnerships with banks.
“We have followed Banking Circle for several years and are impressed by the company’s management team and unique innovation capabilities,” says Mads Ditlevsen, responsible deal partner and partner at EQT Partners, investment advisor to the majority owner EQT VIII.
EQT says it will support the acceleration of Banking Circle’s growth strategy, in current and new geographies, as well as the expansion of the product portfolio.
Banking Circle’s current management team, including founders and co-CEOs Anders la Cour and Laust Bertelsen, will continue to lead the organisation.
The transaction is expected to close in Q4 2018, subject to approval from financial regulators.
Financial details were not disclosed.
Saxo Payments Banking Circle is shortlisted in our PayTech Awards 2018.
It was also a winner in our Banking Technology Awards in 2017.