“Can an expense management SaaS platform become the embedded financial OS for German mid-market companies by combining corporate cards, ERP integrations, and AI-powered reconciliation?”
Founded in 2017 as Beckett Labs GmbH, Circula pivoted to become a digital expense management platform targeting German SMBs and mid-market companies. The company expanded from pure expense reporting into embedded corporate cards (Cards-as-a-Service via Pliant), blurring the line between SaaS and financial services. By 2025, Circula was processing €100M in card spend annually and had signed clients such as Aston Martin, DATEV, and Securitas, positioning itself as a full spend management platform integrating payroll, HR, ERP, and travel booking systems.
Circula discloses Transact Payments Malta Limited as its banking provider, according to the Embedded Finance Index 2026.
Circula does not disclose a bank charter of its own; its banking services are provided through Transact Payments Malta Limited.
Circula's cards are issued through Pliant.
Circula integrates with DATEV Unternehmen Online, DATEV Comfort, DATEV LODAS, DATEV Wage and Salary, Microsoft Business Central, SAP and ELO (document management).
The Embedded Finance Index 2026 maps 5 layers in Circula's stack: Banking / BaaS (Transact Payments Malta Limited); Card issuing (Pliant); Sponsor bank (Transact Payments Malta Limited); Accounting (DATEV Unternehmen Online, DATEV Comfort, DATEV LODAS, DATEV Wage and Salary and 3 others); Spend / AP (Pliant).
Circula is founded in 2017 and headquartered in Berlin, Germany.
Circula has raised €15M+ (disclosed rounds) in total (latest round: Series A + Debt, May 2025).
Get a read on where your own stack stands against Circula 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.