EQT acquires Saxo Payments Banking Circle 09 July 2018Stockholm Reporter: Maddie Saghir
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The EQT VIII fund and EQT Ventures fund has acquired Saxo Payments Banking Circle from Saxo Bank A/S and other minority owners.
Banking Circle is a next-generation provider of mission-critical infrastructure for online cross-border payments
EQT will support the continued acceleration of Banking Circle’s growth strategy, as well as the expansion of the product portfolio.
Through EQT, Banking Circle will have access to both operational and financial resources to drive innovation and investments in technology development and talent acquisition.
Additionally, Banking Circle will be able to leverage the entire EQT platform, including deep TMT sector expertise, local presence and EQT’s global network of industrial advisors.
Meanwhile, the company’s current management team will continue to lead the organisation.
Kim Fournais, founder and CEO of Saxo Bank, said: “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.”
“We see EQT as the ideal partner for the next part of the journey and we are confident that Saxo Payments Banking Circle will thrive and continue its impressive growth trajectory.”
Anders la Cour and Laust Bertelsen, co-CEOs at Banking Circle, commented: “We are excited to partner with EQT. With their support, we will be ideally positioned to continue innovating to serve our customers even better and continue our rapid growth.”
Mads Ditlevsen, responsible deal partner and partner at EQT Partners, Investment Advisor to the majority owner EQT VIII, added: “EQT is looking forward to supporting Banking Circle and the management team on their continued growth journey and in building a leading global payments infrastructure player.”
Hjalmar Winbladh, partner at EQT partners and investment advisor to EQT Ventures, said: “Cross-border payments is a large and rapidly growing market dominated by traditional players. Banking Circle has built a disruptive solution with a strong value proposition.”
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