Banking Circle has completed its purchase of ADI and specialist payments processor Australian Settlements Limited.
The agreement to acquire ASL was signed in December 2024.
This merger establishes a better resourced competitor to the likes of Cuscal and Indue, both of which, like ASL, have a history serving the mutual banking sector.
ASL went close to a merger with Indue, but periodic negotiations never resulted in a deal.
Founded within Denmark’s Saxo Bank in 2015, Banking Circle is licensed as a bank in Luxembourg.
It says it is committed to building a local clearing network for all major currencies, “enabling payments companies and banks of any scale to seize opportunities in the new economy.”
“Not a huge amount will change, other than gaining economies of scale” Mark Tibble, ASL CEO told Banking Day.
“We’re really excited about the combined strengths the two businesses will deliver to clients in Australia” Tibbles said.
“ASL’s experience and expertise in domestic payments processing such as NPP and BECS for our bank and fintech clients, as well as the global scale and financial firepower that Banking Circle brings – means that clients will benefit from specialist payments expertise, domestic and global payment solutions, and a global support model underpinned with modern technology and secure infrastructure.
“Over the last few years, ASL has invested significantly in our technology, in our payments capabilities such as PayID and PayTo, and delivered modern APIs” Tibbles added.
“As a result of that investment in technology, we are now supporting global payments businesses and Australian banks who are looking for a specialist payments bank with modern and secure solutions>”
Australian FinTech’s facing debanking in Australia will now have access to alternative banking solutions.
ASL reported revenue of $17 million in FY2024 and a loss of $1.9 million.