B4B Payments (B4B), a leading global provider of card issuing solutions for businesses, is set to join the Banking Circle ecosystem to complement the Banking Circle Payments Bank, providing accounts, payments and issuing to Payments businesses, Banks and Corporates.
The deal is now going through the regulatory approval process. After closing of the acquisition, B4B will operate as an independent sister company of Banking Circle.
Together, Banking Circle and B4B will form a unique industry-leading provider of issuing and payment solutions with full value chain-coverage and scalability. As part of the Banking Circle ecosystem, B4B will continue to expand its portfolio of payments solutions for businesses, providing an unrivalled scope of financial services and product add-on optionality with wide reach and distribution power.
The management team will remain with B4B and will continue to lead the company going forward. In addition, Tom Jennings and Brian Lawlor, both with over 15 years’ experience within the payments and issuing industry, will join B4B’s management team to help scale the business.
Paul Swinton, co-founder and CEO of B4B Payments, commented: “We are thrilled to become part of this fast-growing and innovative organisation. Under the new ownership we will have access to the investment and financial infrastructure to build on and accelerate our expansion across Europe and the US, and to expand our portfolio of payments solutions for businesses. In addition, we plan to launch a unique BIN-sponsorship proposition, building on B4B’s leading issuing capabilities and Banking Circle’s financial technology platform.”
Anders la Cour, Chief Executive Officer of Banking Circle Group added: “We are very excited that B4B is joining the Banking Circle ecosystem. Banking Circle is growing rapidly in both its customer base and its service offering, and B4B Payments is a natural extension of that evolution. Together with B4B, we can provide Banks and Payments businesses with additional capabilities such as card issuing, built on top of our core platform of payments, accounts and liquidity. We look forward to working closely with the B4B team.”