Private equity company EQT, along with other co-investors, has agreed to acquire Saxo Payments Banking Circle (Banking Circle) from Saxo Bank and other minor stakeholders.

The agreement, signed by EQT units EQT VIII fund and EQT Ventures fund, will provide majority ownership of Banking Circle to EQT VIII.

Established in 2013, the Banking Circle offers mission-critical infrastructure for online cross-border payments.

Following the acquisition, EQT intends to support Banking Circle’s growth in new markets and assist in expanding its product portfolio. The existing management team of Banking Circle will continue to lead the business.

The acquisition will also provide EQT access to operational and financial resources to facilitate innovation and investments in technological development.

Banking Circle co-CEOs Anders la Cour and Laust Bertelsen said: “We would like to thank Saxo Bank for a great partnership and look forward to a close collaboration in the years to come.

“We are excited to partner with EQT. With their support, we will be ideally positioned to continue innovating to serve our customers even better and continue our rapid growth.”

The deal is expected to be completed in the fourth quarter of 2018, subject to regulatory approvals.

EQT Partners partner and EQT VIII investment adviser Mads Ditlevsen said: “Saxo Bank and Banking Circle’s management team have built an innovative, secure, and highly automated platform to make competitive, faster, and more transparent payments across borders.

“EQT is looking forward to supporting Banking Circle and the management team on their continued growth journey and in building a leading global payments infrastructure player.”