“Can a telco-focused SaaS platform become the infrastructure layer that powers white-label digibanking for telecoms globally?”
Circles is a SaaS platform purpose-built for telecoms (telcos), enabling them to launch and operate digital banking (digibanking) services under their own brand. The company's strategic move into embedded finance — anchored by its integration of Airwallex — represents a deliberate pivot from pure telco-enablement software toward becoming a full-stack digibanking infrastructure provider for telecoms globally. By embedding multi-currency accounts, FX, and payments into its SaaS offering, Circles allows telcos to monetize their subscriber bases through financial services without building their own fintech stack.
Circles discloses Airwallex as its banking provider, according to the Embedded Finance Index 2026.
Circles does not disclose a bank charter of its own; its banking services are provided through Airwallex.
Circles uses Airwallex for FX and cross-border payouts.
The Embedded Finance Index 2026 maps 3 layers in Circles's stack: Banking / BaaS (Airwallex); Unified APIs (Airwallex); FX & payouts (Airwallex).
Circles is headquartered in Singapore.
Get a read on where your own stack stands against Circles and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.