Banking Circle has secured banking licence from Luxembourg regulator Commission de Surveillance du Secteur Financier (CSSF).

The bank, which has branches located in the UK, Germany and Denmark, has officially opened its headquarters in Luxembourg.

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Banking Circle offers real-time online cross-border payments and banking services such as loans to financial institutions.

Since its launch in 2015, the bank has already processed €130bn in annual payment volumes.

On acquiring the banking licence, Banking Circle expects to boost its role in the digital financial economy.

The firm claimed that it has operational and financial resources to invest in technology development and talent acquisition and further its growth in current and new geographies.

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Banking Circle co-founder and CEO Anders la Cour said: “In the last four years we have built a financial infrastructure that numerous Payments businesses have adopted to process their cross border payments.

“Securing our Banking Licence gives us the ability to deliver bank accounts on a global scale so that we can extend our propositions, enabling Payments businesses, such as PSPs and acquirers, to offer banking services to their clients without having to invest in their own costly infrastructure.

“We’re also providing Banks with the ability to extend the services they can offer to their business clients without facing hefty infrastructure investment and regulatory burden.

“Securing a Banking Licence in Europe was always an inevitable goal in the development of Banking Circle.

“We can now extend the range of services for financial services providers, as well as extend the geographies in which we can operate.”

In November last year, Banking Circle joined forces with Cardstream to deliver a white-level SME lending solution.