European-Based Fintech Company Opens U.S. HQ In Stamford

STAMFORD, CT — Banking Circle, a European fintech payments bank, opened its United States headquarters in Stamford on Tuesday.

Gov. Ned Lamont and CT Banking Commissioner Jorge Perez took part in a ceremony at the company's new HQ, located at 750 Washington Blvd.

"Connecticut is fast becoming the destination of choice for fintech companies to grow and thrive," said Lamont in a news release. "I would like to welcome Banking Circle US to Connecticut’s business community. Here you will find the support and talent you need to continue to innovate in this space and lead the way for expansion."

The company recently received its charter and certificate of authority from the Connecticut Department of Banking.

The charter provides a customized regulatory solution to financial technology companies looking to grow in a competitive marketplace.

"The charter is ideal for companies engaged in a variety of financial activities seeking to integrate a banking function, but whose business plan does not include taking retail deposits from individuals," a news release from Lamont's office said. "The charter provides a responsible, streamlined, and flexible regulatory approach allowing companies to operate across the U.S. The charter also provides a beneficial exemption to money services laws in many other states, reducing regulatory burden."

Perez noted that Banking Circle US is the first company to take advantage of the charter.

"We look forward to working with Banking Circle and fostering a relationship that provides expert supervision and the regulatory experience to help them thrive," Perez noted.

Banking Circle US offers a fully cloud-based, financial infrastructure to support real-time, global clearing and settlements for both domestic and cross-border payment services, according to a news release from Lamont's office.

The company’s mission is to eliminate the time and cost of cross-border payments, enabling a way for both U.S. and foreign banks, financial institutions, payment service providers, marketplaces, and corporate entities to manage their financial needs.

"After ramping up operations in Stamford back in October of 2022, and building out our office, our team, and our technology, we are thrilled to announce that as of Feb. 1, 2024, we have begun our commercial operations with the processing of payments for our first client," Banking Circle US Chief Executive Officer Kjeld Olson said in a news release.

"We would like to thank Gov. Lamont, Banking Commissioner Jorge L. Perez, and the entire team at the Connecticut Department of Banking for collaborating with us to achieve this milestone. We are excited to share our story and proud to open as the first new bank in Connecticut in nearly ten years."

Banking Circle US's offices are located near the Stamford Transportation Center, which provides easy access to the Northeast Corridor and a diverse talent pool for employment needs.

Additionally, Connecticut’s banking charter allows Banking Circle US to enter the U.S. market with its current ownership structure.

"The Connecticut charter matches very well with the Banking Circle US business case of delivering faster, cost-efficient payments and banking services to financial technology service providers," said Anders la Cour, co-founder of Banking Circle, board chairman and Banking Circle Group CEO.

"That includes banks, payment providers, card acquirers and marketplaces and all the covered customers they serve. We believe that the bank will provide benefits for the public and the local community in the form of increased employment and well-paid jobs, improved payment services and recognition of Connecticut as a leader in fostering improved banking services to the economy," la Cour added.

Since ramping up its operations in Stamford, the office has grown to include 24 employees and contractors.

"We anticipate a considerable increase in future hiring of full-time employees within the next three to four years, which will help contribute to the growth of the local economy," Olson said in a news release.

Stamford Director of Economic Development Leah Kagan welcomed Banking Circle US to the city.

"We are excited that they choose Stamford as their U.S. headquarters and know they are in good company with our growing fintech community and international companies," Kagan said.

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