Banking Circle boosts international expansion with acquisition of Australian Settlements Limited
Luxembourg-based Banking Circle is set to expand its presence in Australia through the acquisition of Australian Settlements Limited (ASL), an authorised deposit-taking institution (ADI) providing processing, clearing and settlement services for local banks and payment companies.
Banking Circle to acquire ASL for undisclosed sum
Banking Circle says the deal will “accelerate its expansion into Australia” and will enable the firm to “open up Australian dollar settlement services to global players”.
Serving a broad selection of clients ranging from online merchants to institutional banks, Banking Circle provides payment and banking services including cross-border payments, card issuing, accounts, liquidity management and revenue-based financing, among other services.
The group, led by CEO Laust Bertelsen, has operated in Australia since 2023 through its Sydney-based subsidiary, BC Payments, which provides payment services via ASL.
Speaking on the acquisition, Bertelsen describes Australia as “a strategic market for Banking Circle” due to its “significant cross-border trade flows and thriving banking and fintech ecosystem”, and says that the ASL deal “brings us closer to our vision of creating a global real-time clearing and settlement hub for all major currencies”.
The deal remains subject to closing conditions and regulatory approvals, while financial terms have not been disclosed.
The agreement follows Banking Circle’s previous deals to acquire German account-to-account (A2A) paytech SEPAexpress in 2022, and B2B Payments, a card issuing solutions provider, in 2021.
