Banking Circle is one of Fundraft’s primary bank account providers and makes accounts accessible through the integration of application programming interfaces, or APIs. The partnership, announced in a issued on 23 July 2024, means that fund managers will be closely connected to national clearing schemes, thus enabling accounts to be opened more quickly.

Fundcraft, which offers a digital-native platform for asset managers to automate the fund lifecycle, will be able to add this facility to its platform without obtaining its own banking licence. “Banking Circle’s reputation as a technology-led payments bank that is breaking down barriers to cross-border payments make it a perfect fit for fundcraft clients,” commented Fundcraft founder and CEO Julien De Mayer in the press release. “Its accounts, accessible through fundcraft via API integration, are quick to open.”

“Investment managers can easily manage their accounts, and create and approve payments through Banking Circle, making us an ideal partner for Fundcraft,” added Laust Bertelsen, CEO of Banking Circle. “We are like-minded, tech-first businesses that are applying technology to reduce cost and improve the speed of financial transactions.”

Headquartered in Luxembourg and with offices in London, Munich and Copenhagen, Banking Circle provides solutions such as multi-currency banking accounts and virtual IBANs, bank connections for local clearing and cross-border payments. Fundcraft was launched in 2021 and secured a in May 2024 which will be used to expand the fintech firm’s product and market reach. It counts more than 22 asset management clients.