Payments bank Banking Circle has complemented its e-commerce solutions tech portfolio after acquiring German fintech SEPAexpress for an undisclosed sum.
Anders la Cour, CEO Banking Circle, which is headquartered in Luxembourg, said the firm’s “suite of offerings is a natural fit with the Banking Circle ecosystem and we’re excited to have the company on board to serve the ever-growing payment needs of businesses worldwide.” The expectation is that the acquisition will enable the group to be among the leaders of the next generation tech platform for global commerce.
SEPAexpress was launched in 2017 to speed up and lower the costs and risks related to Direct Debit payments. It currently processes millions of transactions each month and, in future, aims to expand further into the A2A domain and leverage the 200 payment businesses, banks and market places within the Banking Circle ecosystem.
SEPAexpress CEO Franz Guttenberger said: “Businesses across the region need to be able to focus on their customer propositions and, by utilising our services, they don’t need to worry about the payment process.”
Banking Circle offers embedded finance, business payments and card issuing and B2B Buy Now Pay Later services. According to its website, Banking Circle was established as Saxo Payments in 2016, the same year it signed Citi as its global clearing partner. In 2018, EQT became a financial strategic partner and it joined the SEPA clearing scheme in 2020. Today it has payment flows of more than €200bn.
