B4B PAYMENTS
“ From the companies we ’ ve talked to who are using similar products , they tell us that our product is more advanced than what ’ s on offer in the US market ”
TOM JENNINGS CEO – EU AND UK B4BPAYMENTS
“ What Banking Circle didn ’ t do at the time was card issuance , and it didn ’ t service corporates directly ,” Swinton says .
That ’ s when B4B stepped in , which – now integrated with Banking Circle ’ s services – can issue cards to its sister company ’ s clients and provide ledgers at a virtual account level .
The partnership evolved into a strategic acquisition by Banking Circle in 2021 . This acquisition gave the company access to Banking Circle ’ s ecosystem of global payments and banking services and partners . It accelerated B4B ’ s growth , positioning it as a formidable player in the payments solutions landscape .
Tom Jennings , who was Head of Issuing for Banking Circle at the time , says that prior to the acquisition of B4B Payments , Banking Circle had considered whether to build or buy a card-issuing platform .
“ Banking Circle chose the buy route for increased speed to market , and B4B represented the perfect acquisition target . It was always planned that I would shift into the role , and once the heads of terms were signed , I started working with Paul [ Swinton ] to develop the strategy ,” says Jennings . After the acquisition , Jennings became the CEO of B4B Payments .
The formalisation of the acquisition allowed B4B Payments to access Banking Circle ’ s expansive ecosystem of international payments and banking partners , accelerating the company ’ s growth trajectory and competitive edge . B4B Payments swiftly integrated Banking Circle ’ s accounts and payments functionality into its existing card issuance platform , enhancing its offerings to corporates and partners .
“ We were already a well-established and profitable business , a regulated business , so it was a good fit for us from a product perspective , and for them , another distribution channel and an expansion of their services ,” Swinton says .
“ Since joining Banking Circle , not only have we integrated their products with our own to enhance services for our clients , but we have greater access to capital and expanded opportunities to find new partners and customers .”
Expanding Horizons : The US Launch The acquisition followed B4B Payments ’ US market launch , a pivotal moment
54 July 2024