Banking Circle Records Significant Growth After Launching Banking License
Banking Circle, a leading global payments provider, now processes 6% of European B2C e-commerce transactions. According to the statement issued on May 5, this happens only a year after the company launched its Banking Licence, a modern banking model that gives banks and payment businesses access to faster and secure transactions.
The Banking License was issued by the Commission de Surveillance du Secteur Financier in Luxembourg in February 2020. The license helped Banking Circle double its client base and conduct business with world-leading financial institutions like Paysafe, Stripe, and Alibaba. The license is a switch from traditional to modern banking that enables real-time payments for companies of all sizes. Thanks to this innovation, Banking Circle now processes 6% of European B2C e-commerce payments. It had €155 billion in payments volume in 2020.
“The Banking Circle mission is the driving focus that cross border payments take too long and cost too much. The key is to reduce the number of stages of any transaction, which is why we are focused on building one super correspondent banking network. We are doing ‘the heavy lifting’ for our clients, investing in the difficult job of integrating a vast network of local clearing and payments schemes,” said Anders la Cour, CEO and co-founder of Banking Circle.
Banking Circle focuses on providing fast, safe, and affordable services to banks and payment businesses. The service of direct clearing differs from the older systems that are much more expensive and less efficient. According to Banking Circle, the company offers “access to 12 local clearing schemes through a combination of direct clearing and partner banks, enabling cross border payments in 25 currencies.”
If you plan to start your own e-commerce store, the payment method is one of the essential things to consider.
Banking Circle is a Luxembourg-based company with offices in the UK, Germany, the Netherlands, and Denmark. The company was acquired by EQT VIII and EQT Ventures in partnership with Banking Circle’s founders in 2018.
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