EQT acquires Saxo Payments Banking Circle

The deal was arranged in partnership with Banking Circle's founders and other co-investors, with which EQT Partners and EQT Ventures acquire the company from Saxo Bank and other minority owners. EQT deployed capital from its latest flagship buyout vehicle, the EQT VIII fund, and will have the majority ownership.

The fresh capital is intended to support the acceleration of the company's growth strategy, in current and new geographies, as well as the expansion of the product portfolio. Banking Circle said it will tap into EQT's operational and financial resources to drive innovation and investments in technology development and talent acquisition. It will also be able to make use of EQT's TMT sector experience, local presence and industrial advisers.

Banking Circle's current management team, including founders and co-CEOs Anders la Cour and Laust Bertelsen, will continue in their roles leading the company.

Completion of the transaction is expected in Q4 2018, subject to approval from financial regulators.

Company
Founded in 2013, Banking Circle provides infrastructure for online cross-border payments. It processes around €60bn in annual payments for customers through its partner banks. It is a subsidiary of the payments group Saxo Bank Group, which is headquartered in Hellerup, Denmark, and is present in London, Paris, Singapore, Zurich, Dubai and Tokyo.

People
EQT Partners – Mads Ditlevsen (partner).
EQT Ventures – Hjalmar Winbladh (partner).
Saxo Bank Group – Kim Fournais (founder, CEO).
Saxo Payments Banking Circle – Anders la Cour, Laust Bertelsen (co-CEOs).

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