Saxo Bank sells Banking Circle to EQT for $310M
Banking Circle, a Copenhagen, Denmark-based company managing a platfor for cross border financial transactions, announced that its owner, Saxo Bank, got into an agreement with the Swedish EQT Group for an acquisition.
The deal values the company at DKK 2bn ($310M) and involves both the private equity and the venture capital arms of the Swedish group, specifically EQT Partners and EQT Ventures, as well as company founders and other co-investors. EQT Partners will have the majority ownership through its fund, EQT VIII.
Banking Circle’s current management team, including founders and co-CEOs Anders la Cour and Laust Bertelsen, will continue to lead the organization
Banking Circle was founded in 2013 within the Danish Saxo Bank as an alternative to the costly correspondent banking network. The platform 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, which include banks, card entities, and payment gateways. Banking Circle has around 85 employees and is headquartered in Denmark, with offices in Denmark, Luxembourg and the UK.