EQT has acquired Saxo Payments Banking Circle from Saxo Bank and other minority investors.
The deal, which the value of was undisclosed, was completed through EQT VIII fund and EQT Ventures. Following the deal, EQT VIII will hold the majority stake in the company.
Founded in 2013, Banking Circle is an online cross-border payments platform which processes around €60m annually in payments. Denmark-headquartered Banking Circle provides organisations with a quicker and more efficient wat to conduct global business.
Its services are available for financial institutions including card acquirers, PSPs, APMs, FX payment providers, and banks. Through the solution, members can use one account to connect globally, pay and receive funds at low foreign exchange rates and automatically convert incoming money.
Through the acquisition, EQT will support the company’s acceleration strategy across both new and existing geographies, and it will also launch new services to its product portfolio.
EQT Partners partner Hjalmar Winbladh said, “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.”
Earlier in the year, EQT’s credit unit arranged a £218m senior and subordinated financing for Paymentsense, alongside CVC Credit Partners. The company provides card processing services to 650,000 SMEs and enables them to accept payments through cards, machines, online and mobile phones.
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