Remittances and the process of transferring money between organizations and people are going to be continued as a massive business with more than $613 Billion across the globe, according to the report of the world bank. EQT- the biggest and investment and private equity firm are going to buy a Banking circle from its majority owner Denmark’s Saxo Bank. According to a report the deal is going to be valued at the cost of $300 Million.
The co-founder and Co-CEO of banking Circle, Anders la Cours, and Laust Bertelsen will keep on leading the company even after the acquisition. EQT said in a statement that they are planning to invest in the business to expand its products across the globe. As of now the company is more focusing on B2B although it has some of the consumers by way of its clients, in other words, you can say B2B2C.
Banking Circle in today’s scenario makes more than €60 billion payment for its clients in a year, which includes card entities, banks, and the payment gateway that they choose. The company also has a partnership with many of the banks and financial institutions to provide the direct clearing and making the payment cheaper and faster.
“We are excited to partner with EQT,” said the co-CEOs in a joint statement. “With their support, we will be ideally positioned to continue innovating to serve our customers even better and continue our rapid growth.”
Saxo Bank’s payments division will also continue working with Banking Circle under its new owner.
“We are proud of Saxo Payments Banking Circle’s development and growth. 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,” said Kim Fournais, founder, and CEO of Saxo Bank, in a statement. “It is not an easy task to build fintech solutions that create value and are long-term sustainable, but the company has done what few succeed in.”
“We’re excited to partner with the entrepreneurs behind Banking Circle and support them in building the next generation infrastructure for cross-border payments,” says Hjalmar Winbladh, a partner at EQT Partners.
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