← Embedded Finance Index 2026

Banking Circle

Also a provider — view Banking Circle’s profile →

“Can a Luxembourg-licensed bank become the default regulated infrastructure layer underneath every European PSP, neobank, and embedded finance platform?”

Founded2013
HQLuxembourg
Latest roundBuyout/LBO (EQT acquisition)
IndustryInfrastructure / BaaS
The story

Founded in 2013 as Saxo Payments, a cross-border payments arm of Saxo Bank, the company rebranded to Banking Circle in 2018 and was acquired by EQT the same year. The pivotal move was securing a Luxembourg banking license in 2020, transforming it from a payments vendor into a fully licensed B2B correspondent bank serving PSPs, marketplaces, and FIs. Today the company is positioned as the regulated banking infrastructure layer behind embedded finance — providing virtual IBANs, multi-currency accounts, local clearing access, FX, and agency banking to firms like Nuvei, YouLend, and Marqeta.

Last 12 months
2026-05
Product timeline
2013
Founded as Saxo Payments, spun out of Saxo Bank to handle cross-border payments· pivot
2018
Rebranded from Saxo Payments to Banking Circle· pivot
2018
Acquired by EQT and the Olav Thon Group via take-private transaction· acquisition
2020
Granted Luxembourg banking license, transitioning from EMI to fully licensed credit institution· banking
2026
Expanded partnership with Marqeta to support European account & money-movement capabilities across 30 countries· banking
Regulated entities
2
regulatory licences held by Banking Circle
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
In the press
embeddedfinancereview.com ↗
Coverage sourced from Embedded Finance Review — a content partner for this report. All articles are © their original authors; click any card to open the source.
◇ article2024-12-08
Banking Infrastructure provider Banking Circle for sale
Banking Circle on sale by EQT at $3-4B valuation after serving Stripe and Nuvei. Who can acquire Europe's payment rails leader?
banking circlecircle
Source · Embedded Finance Review ↗
The stack
5 layers disclosed in Banking Circle’s embedded-finance stack
Payments / PSP
Banking Circle Payments (self-operated)
Money movement
in the full report
Banking / BaaS
in the full report
Lending
in the full report
FX & payouts
in the full report
Accounting gap: none
6 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.