Tech-led payments business Banking Circle Group has expanded in Australia with the launch of its licenced subsidiary BC Payments to help fintechs scale internationally. The new payments infrastructure business BC Payments seeks to provide Australia-based fintechs, payments companies, and banks with global payments solutions to facilitate both onshore and offshore growth.

Banking Circle’s Australia expansion and the launch of BC Payments BC Payments’ parent company, Banking Circle, currently serves more than 250 financial institutions worldwide and is settling over 10% of Europe’s B2C ecommerce flow. What is more, the company’s internal data showcases that in 2022, it processed payments implying EUR 332 billion in total annual run-rate payment volumes, as per press release information. BC Payments is set to assist Australian fintechs facing barriers to non-domestic growth, barriers centring the current de-risking in the B2B payments space by local incumbents.

High-growth, compliant fintechs are affected by this, as they are unable to find a clearing, settlement, and cross-border payment partner. Free from the inflexible legacy system of incumbents, BC Payments’ focus will be on innovation, building new, advanced solutions that address the needs of local fintechs. By decreasing the cost and increasing the speed of non-domestic payments, Australian fintechs will be enabled to expand their geographic reach and customer propositions alike in an efficient and cost-effective manner.

When commenting on the announcement, Piers Cracknell, Head of Australia at BC Payments advised that BC Payments’ offering is set to be delivered leveraging the scale and infrastructure of the broader Banking Circle Group, which is meeting the needs of payment businesses and banks worldwide. In the context of the Australia launch, the spokesperson said that for banks, the company can help decrease the correspondent banking fees they have to absorb and provide additional payment rail options for processing their customers’ international payments. For marketplaces, it can enable overseas collections and payments for local merchants, and for fintechs looking for a global payments provider to expand into the EU and UK markets, it can help with expertise.

Per their statement, as private and government stakeholders push to increase the size of the Australian fintech market, this is considered the appropriate time to get the companies to market and further their growth. Adding on this, Mishal Ruparel, Chief Revenue Officer of Banking Circle said that with a tech-first approach, Banking Circle aims to drive the evolution of global payments infrastructure, which goes to the heart of financial inclusion, and they believe this to be a fit for the expanding Australian fintech space. Banking Circle’s offering and mission A modern correspondent bank, Banking Circle is committed to building a local clearing network for all major currencies, to deliver fast, low-cost payments with no hidden fees for the beneficiary.

It offers a banking solutions suite, including multi-currency banking accounts and virtual IBANs, bank connections for local clearing, and cross-border payments, all underpinned by advanced compliance and security. Banking Circle is an affiliate company in the Banking Circle Group ecosystem that serves payment companies, banks, global marketplaces, and online merchants through an extensive set of complementary ecommerce solutions. These include global cross-border payments, accounts and liquidity management, revenue-based financing, business payments, card issuing, B2B BNPL, and A2A payment methods.

For more information about Banking Circle, please check out their detailed profile in our dedicated, industry-specific Company Database. .