Banking Circle targets $ 500 million funding round
Startup FinTech Banking circle seeks to raise around $ 500 million in an upcoming funding round. The potential new funding would push the valuation of the company to around 5 billion euros, which equates to 5.9 billion dollars.
The eight-year-old company, which is based in Luxembourg with offices in the UK, Germany, the Netherlands and Denmark, works with banks and payment companies to provide the infrastructure to process international payments in 25 currencies, according to Banking Circle. website.
As PYMNTS reported last month, Banking Circle has collaborated with SIA, a subsidiary of CDP Equity, to manage its real-time payments service in Europe. Payments are often processed in less than 10 seconds. Transfers can be made up to $ 11,773 per transaction.
Read more: FinTech Banking Circle uses SIA to facilitate payments
The Italian company SIA, specializing in card and merchant solutions and digital payments, is one of the European leaders in the development and management of technological infrastructures for central banks, companies and financial institutions (FIs). SIA works in more than 50 countries through its subsidiaries and branches in Austria, Belgium, Croatia, Czech Republic, Germany, Greece, Hungary, Netherlands, Romania, Serbia, Slovakia and South Africa.
In addition to its collaboration with SIA, PYMNTS announced last month that Banking Circle has partnered with Paymaster24. Thanks to this joint effort, Paymaster24 can extend its capacity to develop its banking network using the international payment platform of Banking Circle, while allowing SEPA and international transfers with enhanced security.
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In 2020, Banking Circle processed 6% of business-to-consumer online payments in Europe. It processed a total of 155 billion euros in payment volume in 2020, according to a announcement in May. At the time, the company predicted that its annual payout volumes at the operating rate would reach € 250 billion by the end of the year.