Banking Circle
Banking Circle is a Luxembourg-licensed B2B bank providing API-first cross-border payment infrastructure, multi-currency accounts, FX, and regulated stablecoin settlement to 850+ financial institutions globally.
- Company typePrivate
- Founded2013
- HeadquartersLuxembourg, Luxembourg
- Headcount501–1,000
- GTM typeB2B
- OfferingServices
What Banking Circle does
Banking Circle is a Luxembourg-licensed B2B credit institution founded in 2013 by Anders la Cour and Laust Bertelsen, providing API-first financial infrastructure for cross-border payments, multi-currency accounts, FX conversion, and treasury management. The company operates a unified cloud-native platform architecture (BCNow) that connects directly to central bank clearing rails including SEPA Instant, Faster Payments, CHAPS, NPP, SIC, RIX Instant, DKK TIPS, and TARGET2, enabling 24/7 real-time settlement in 24 currencies across 195 countries. Following its April 2026 CASP license, Banking Circle extended its offerings into regulated stablecoin settlement services supporting USDC, USDG, and its proprietary EURI euro stablecoin.
The company serves 850+ regulated financial institutions globally, including acquirers, payment service providers, issuers, cross-border payment providers, account providers, alternative payment methods providers, investment funds, banks, and digital asset institutions. Named customers include Stripe, Payoneer, Nuvei, Checkout.com, XTransfer, PPRO, Paysafe, Bitvavo, OKX, Ripple, Airwallex, Marqeta, and Nium. Distribution is enterprise-direct via a single API integration or a PSD2-compliant Client Portal, with regulated subsidiaries in the UK (FCA), Singapore (MAS MPI), Australia (APRA ADI, recently divested to Ripple), and Liechtenstein (FMA), plus EU/EEA passported branches in Denmark, Germany, Sweden, and Norway.
Banking Circle monetizes primarily through transaction-based fees on payment processing and FX conversion, supplemented by subscription/usage-based revenue from accounts and virtual IBANs, and correspondent banking relationships. The company processes over €1.5 trillion in annual payment volumes and 314 million B2B transactions in 2024, with publicly disclosed cumulative revenue exceeding €500 million. Strategic acquisitions include B4B Payments (2021), Biller (2022), and SEPAexpress (2022); ASL was acquired in 2025 and sold to Ripple in March 2026. The firm completed a CEO transition in May 2026, installing ex-Mastercard/Getnet executive Kush Saxena as Group CEO.
Banking Circle firmographics
Firmographics- Name
- Banking Circle
- Legal name
- Banking Circle S.A.
- Website
- https://bankingcircle.com
- Company type
- Private
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Banking Circle is a Luxembourg-licensed B2B bank providing API-first cross-border payment infrastructure, multi-currency accounts, FX, and regulated stablecoin settlement to 850+ financial institutions globally.
- Ownership category
- akta.pro rank
Banking Circle industry classification
Industry- Product category
- Cross-Border Payments Infrastructure
- NAICS
- Commercial Banking (52211)
- SIC
- Commercial Banks, Nec (6029)
- akta.pro primary industry
- Core Banking & Ledger Systems (Cloud Core, Deposits, Accounts) (FSAGAAAC)
- akta.pro secondary industries
- Cross-Border B2B2C Payouts (Mass Payouts, Gig/Creator, Marketplace) (FSAGAKAC), A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF), Tokenized Bank Deposit & Commercial Bank Money Issuers (FSADADAB), B2B Crypto Payouts, Mass Payments & Treasury Disbursements (FSADAIAF)
Keywords
Where Banking Circle is headquartered
LocationHeadquarters
- HQ city
- Luxembourg
- HQ country
- Luxembourg
- HQ region
- Europe
Offices10 records
Markets served
Banking Circle business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Others
Revenue model
- Payment Processing Fees: Fees charged on payment transactions processed through Banking Circle's infrastructure across multiple currencies and payment rails (SEPA, SWIFT, Faster Payments, etc.).
- Foreign Exchange Services: FX conversion fees and margins on multi-currency transactions for cross-border payments, accounts, and treasury management.
- Account and Virtual IBAN Services: Subscription or usage-based fees for business accounts, virtual IBANs, and multi-currency account management.
- Correspondent Banking Services: Fees for correspondent banking relationships providing access to global payment rails and clearing networks.
- Stablecoin Settlement Services: Fees for fiat-to-stablecoin and stablecoin-to-fiat conversion and settlement services following receipt of CASP licence.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Multi-year contract | Quote-based pricing for financial institutions and payment businesses |
Go-to-market motion1 record
Distribution channels6 records
Marketing channels6 records
Banking Circle product offering
Product offeringCore offering
Banking Circle is a fully licensed B2B bank that provides financial infrastructure to fintechs, payment service providers, banks, and investment funds through a unified API-based platform. Its core offering includes cross-border payment processing with direct access to central bank clearing rails, multi-currency accounts with client-named virtual IBANs, FX services, treasury management, and stablecoin settlement capabilities, processing over €1.5 trillion in annual payment volumes for more than 850 regulated financial institutions.
Product overview
Banking Circle is a Luxembourg-licensed B2B bank and financial technology infrastructure provider that operates a unified platform-plus-modules architecture. The core platform consists of BCNow, a 24/7 settlement platform processing transactions in 24 currencies, supported by direct connections to global payment rails (SEPA, SWIFT, Faster Payments, CHAPS, and others). The product portfolio includes Accounts and Virtual IBANs for multi-currency account management; Payments for cross-border transaction processing; Foreign Exchange for integrated currency conversion; Treasury Management encompassing Deposits, Money Market Funds, and FlexLiquidity; Agency Banking and Correspondent Banking services. The company has expanded into digital assets through Stablecoin Settlement Services supporting USDC, USDG, and its proprietary EURI euro stablecoin. Additional offerings include an API Hub for programmatic access and a PSD2-compliant Client Portal for manual operations. Banking Circle serves over 850 regulated financial institutions including acquirers, issuers, PSPs, fintechs, investment funds, banks, and digital asset institutions, processing over €1.5 trillion in payment volumes annually.
Differentiator
Problem solved
Functional benefit
Products and services
- Accounts and Virtual IBANs Global accounts and client-named virtual IBAN solutions enabling financial institutions and businesses to hold, manage, and transact across multiple currencies with direct access to local payment systems. Supports DKK, SEK, HUF, CHF, AUD, EUR, GBP, and USD.
- Payments Cross-border payment processing with direct connections to central bank clearing rails worldwide, enabling fast, low-cost international money movements for fintechs, PSPs, and financial institutions.
- Foreign Exchange Multi-currency FX services integrated with payment infrastructure, enabling real-time currency conversion and competitive exchange rates for cross-border transactions.
- Agency Banking Banking-as-a-service solution enabling agents to offer banking products and services on behalf of the institution under regulatory frameworks.
- Correspondent Banking
Quantifiable outcome
- Real-time cross-border settlement reduces payment processing time from days to seconds across supported rails
- +4 more outcomes
Companies that use Banking Circle
Customer profileNamed customers15 records
Segments8 records
Ideal customer profiles5 records
Banking Circle technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
AI capability3 records
Feature6 records
Banking Circle partnerships and signals
Strategic signalPartnerships
14 partnerships are on record, tiered core and minor.
- AllUnitycoreAllUnity launched SEKAU (Swedish krona stablecoin) with Banking Circle serving as the primary reserve custodian managing segregated SEK reserves. Banking Circle holds and manages the 1:1 backed stablecoin reserves for institutional settlement and cross-border payments within Europe's MiCA-regulated framework. This follows AllUnity's existing euro (EURAU) and Swiss franc (CHFAU) stablecoins.
- Bridge (Stripe-owned)coreBanking Circle partnered with Bridge, Stripe's stablecoin infrastructure platform, to enable clients to move stablecoins into and out of local currencies (EUR, GBP, AUD, USD via SWIFT). The partnership combines Bridge's stablecoin capabilities with Banking Circle's regulated banking rails and local clearing access for cross-border payments and fiat-to-stablecoin conversions.
- OrbitalcoreOrbital selected Banking Circle S.A. as its infrastructure partner to expand multi-currency settlement capabilities into Nordic, Central European, Swiss, and Australian markets. The partnership adds client-named virtual IBANs in DKK, SEK, and HUF (with CHF and AUD to follow) to Orbital's existing EUR, GBP, and USD infrastructure, enabling enterprises to hold, settle, and transact under their own name.
- MarqetacoreBanking Circle partnered with Marqeta to expand its account and money movement tools into 30 additional European countries, enabling European businesses to enhance card programs through embedded virtual accounts and multi-rail payment capabilities. The partnership leverages Marqeta's 2025 acquisition of TransactPay and builds on Marqeta's 8x growth in European total processing volume from 2022 to 2025.
- GalaxycoreGalaxy onboarded with Banking Circle to expand access to multi-currency financial infrastructure, combining Galaxy's digital asset liquidity and derivatives capabilities with Banking Circle's bank-grade BC-NOW settlement platform. The arrangement provides Galaxy access to direct local payment rails and instant on/off ramp settlement across multiple currencies.
- WerocoreBanking Circle integrated Wero, the European instant payment scheme, into its platform, enabling payment service providers using its infrastructure to offer account-to-account payment methods to their clients. The integration positions Banking Circle as a banking partner for firms adopting the pan-European payment standard built on the SEPA framework, aligning with the EU's Instant Payments Regulation.
- Czech FinTech Association (CEFTAS)minorBanking Circle joined the Czech FinTech Association (CEFTAS) to support its mission to modernise payments infrastructure and enhance interoperability across domestic and international payments rails in the Czech Republic. Membership aligns with Banking Circle's strategy to expand real-time, multi-currency payment schemes across Europe.
- JD FintechcoreBanking Circle partnered with JD Fintech to enable real-time payments and FX solutions for cross-border businesses, supporting Asian businesses with multi-currency accounts, virtual IBANs, and local clearing solutions. BC Payments (Singapore subsidiary) also received a Major Payment Institution licence from MAS to facilitate scalable cross-border payment flows.
- Swiss Interbank Clearing (SIC) SystemcoreBanking Circle secured direct access to the Swiss Interbank Clearing (SIC) system, enabling real-time cross-border payments in Swiss Francs (CHF) through both RTGS and ACH channels. This provides seamless integration with Swiss and Liechtenstein financial systems and includes Liechtenstein-issued VIBAN accounts for regulatory alignment.
- Visa DirectcoreBanking Circle S.A. entered a strategic partnership with Visa Direct to enhance global digital payment capabilities. The partnership grants Visa Direct access to Banking Circle's extensive local clearing rails across multiple currencies via a single API, enabling faster and more cost-effective cross-border transactions.
- Australian Settlements LimitedcoreBanking Circle acquired Australian Settlements Limited in 2025, expanding its presence in the Australian market and integrating with the NPP infrastructure. ASL is an Australian Authorised Deposit-Taking Institution (ADI) subject to APRA supervision. This acquisition supports Banking Circle's expansion into the Australian real-time payments ecosystem.
- SEPAexpresscoreBanking Circle Group acquired SEPAexpress, a provider of account-to-account payment solutions used in Europe. The acquisition aimed to leverage SEPAexpress's technology and expand services amid increasing demand for modern financial solutions in digital commerce.
- BillercoreBanking Circle acquired Biller, Amsterdam's AI-powered BNPL platform, to enhance B2B payment solutions and expand services across Europe to address B2B invoicing challenges. Biller operates independently under Banking Circle while expanding its market presence.
- B4B PaymentscoreBanking Circle acquired B4B Payments, a corporate payments and card solutions provider. The deal, subject to regulatory approval, aimed to expand Banking Circle's service offerings including issuing and payment solutions across the value chain.
Scale indicators10 records
Recent moves6 records
Expansion highlights6 records
Banking Circle competitors and assessment
Company assessmentDirect peers
- Modulr: Modulr is a UK-based Payments-as-a-Service and accounts platform that provides regulated payment infrastructure to fintechs, PSPs, and corporates via API. It competes head-to-head with Banking Circle in virtual accounts, multi-currency payments, and embedded finance across the UK and EEA.
- Solaris SE: Solaris is a Berlin-based Banking-as-a-Service platform offering regulated accounts, payments, cards, and lending infrastructure to fintechs and digital platforms. It is one of the closest direct comparables to Banking Circle in Europe in terms of regulated B2B banking infrastructure delivered via API.
- Currencycloud: Currencycloud (acquired by Visa) provides a cross-border payments API, multi-currency wallets and FX infrastructure for fintechs and banks. It overlaps directly with Banking Circle's core cross-border payments, virtual accounts and FX proposition.
- BVNK: BVNK is a London-based B2B payments infrastructure provider focused on stablecoin and fiat cross-border payments for fintechs and PSPs. It competes with Banking Circle in the stablecoin settlement and cross-border B2B payments layer, particularly for digital-asset clients.
- Ripple: Ripple is a blockchain-based enterprise payments and stablecoin platform that also operates a regulated payments subsidiary (acquired from Banking Circle's former Australian unit). It is both a customer/partner and a competitor in stablecoin settlement and cross-border B2B payments.
Broad incumbents
- Wise (TransferWise): Wise is a public cross-border payments and multi-currency account platform serving both consumers and businesses. While primarily a branded remittance and business payments product, its underlying infrastructure, accounts and direct scheme access are a broader comparable to Banking Circle's B2B proposition.
- Adyen: Adyen is a global, listed payments platform offering unified acquiring, processing, and cross-border capabilities to large enterprises. It is a broad incumbent in the same end-to-end payment space Banking Circle serves, but with a stronger merchant-facing rather than B2B banking-infrastructure focus.
- Stripe: Stripe is a global payments infrastructure company serving internet businesses, and is both a Banking Circle customer and a strategic partner through Bridge (stablecoin infrastructure). As Stripe continues to build out its own banking and stablecoin rails, it is a broad incumbent comparable with partially overlapping offerings.
Emerging players
- Circle: Circle is the issuer of USDC, the largest regulated US-dollar stablecoin, and is building a payments network on top of it. It overlaps with Banking Circle in stablecoin issuance, reserve custody and on-chain settlement, but is more focused on the digital-asset side than on the broader B2B banking infrastructure.
- Fireblocks: Fireblocks provides digital-asset custody, settlement, and tokenisation infrastructure to exchanges, banks, and fintechs. It is an emerging competitor and partner in the regulated stablecoin and digital-asset payments space that Banking Circle is expanding into via its CASP licence.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Banking Circle social profiles
Digital presenceBanking Circle compliance and trust
Trust signalCompliance11 records
Banking Circle financial estimates
Financial estimateRevenue estimate
Valuation estimate
Banking Circle leadership team
Management profileNumber of profiles
Profiles12 records
Banking Circle subsidiaries and ownership
Company hierarchySubsidiaries3 records
Banking Circle funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Banking Circle M&A and investment
M&A and investmentM&A4 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Banking Circle
What does Banking Circle do?
Banking Circle is a fully licensed B2B bank that provides financial infrastructure to fintechs, payment service providers, banks, and investment funds through a unified API-based platform. Its core offering includes cross-border payment processing with direct access to central bank clearing rails, multi-currency accounts with client-named virtual IBANs, FX services, treasury management, and stablecoin settlement capabilities, processing over €1.5 trillion in annual payment volumes for more than 850 regulated financial institutions.
Is Banking Circle a public or private company?
Banking Circle is a private company. It is classified as venture growth investor backed and is currently operating.
When was Banking Circle founded?
Banking Circle was founded in 2013. It employs 501 to 1,000 people.
Where is Banking Circle based?
Banking Circle is headquartered in Luxembourg, Luxembourg, in the Europe region.
How does Banking Circle make money?
Five revenue lines are on record. Payment Processing Fees are the primary driver. The others are foreign Exchange Services, account and Virtual IBAN Services, correspondent Banking Services and stablecoin Settlement Services.
Who are Banking Circle's main competitors?
Direct peers on record are Modulr, Solaris SE, Currencycloud, BVNK and Ripple. Broad incumbents are Wise (TransferWise), Adyen and Stripe. Emerging players are Circle and Fireblocks.
Does Banking Circle have an API?
Yes. Banking Circle provides a unified API-based infrastructure platform enabling payments, FX conversions, accounts, and virtual IBAN services. The platform supports webhook-based notifications for transaction events, subscription management endpoints, and API user/IP address whitelisting. The API is used by fintechs, PSPs, banks, and financial institutions for cross-border payments, multi-currency account management, and payment processing integration. Developer documentation is at docs.bankingcircleconnect.com.
What industry is Banking Circle in?
Banking Circle's product category is Cross-Border Payments Infrastructure. Its primary akta.pro industry code is FSAGAAAC, Core Banking & Ledger Systems (Cloud Core, Deposits, Accounts), with a secondary code of FSAGAKAC, Cross-Border B2B2C Payouts (Mass Payouts, Gig/Creator, Marketplace). Its NAICS code is 52211 and its SIC code is 6029.