Investment firm EQT is to acquire Cross-border payments infrastructure platform Saxo Payments Banking Circle.
EQT joined with Banking Circle's founders in effecting the deal, which will see the operation continue to run under the current management of co-CEOs Anders la Cour and Laust Bertelsen.
Conceived in 2013 as an alternative to the costly correspondent banking network, Banking Cicle is currently processing around EUR 60 billion run-rate annual payment volumes for several high-profile customers using direct clearing access and partnerships with blue-chip partner banks.
The company employs around 85 employees and is headquartered in Denmark, with offices in Denmark, Luxembourg and the UK.
Kim Fournais, founder and CEO of Saxo Bank, says: “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. We look forward to continuing a close collaboration with the company and EQT, leveraging our technology and market access.”
The transaction is expected to close in Q4 2018. Financial terms were not disclosed.