March 12, 2024
Governor Lamont Welcomes Banking Circle US to Connecticut as the Fintech Company Opens Headquarters in Stamford
This release was issued by the Governor's Office jointly with the Department of Banking.
STAMFORD, CT – Governor Ned Lamont and Connecticut Banking Commissioner Jorge Perez today participated in a ceremony to announce that Banking Circle US, a fintech payments bank for the new economy, has opened its U.S. headquarters in Stamford, Connecticut. The company recently received its charter and certificate of authority from the Connecticut Department of Banking.
“Connecticut is fast becoming the destination of choice for fintech companies to grow and thrive,” Governor Lamont said. “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.”
“As the first company to take advantage of this charter-type, we congratulate Banking Circle on their grand opening in Stamford,” Commissioner Perez said. “We look forward to working with Banking Circle and fostering a relationship that provides expert supervision and the regulatory experience to help them thrive.”
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. 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.
From its new headquarters, Banking Circle US aims to build partnerships across the country with these financial institutions to enable payout capabilities clients need in multiple different global geographies and currencies.
“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 February 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. “We would like to thank Governor 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.”
“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,” Anders la Cour, co-founder of Banking Circle and the chairman of its board, and also CEO of Banking Circle Group, said. “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.”
With its history of hosting financial services companies, Stamford is an ideal location to build and grow this business. The proximity to the Stamford Transportation Center provides easy access to the Northeast Corridor and a diverse talent pool for employment needs. Additionally, Connecticut’s unique and innovative banking charter allows Banking Circle US to enter the U.S. market with its current ownership structure.
“I continue to be bullish on Connecticut’s economic future,” Dan O’Keefe, interim commissioner of the Connecticut Department of Economic and Community Development, said. “We are on a path of sustained job growth and I see real opportunities to accelerate that even more in the years ahead in key sectors like fintech where we have clear competitive advantages. Connecticut’s tech-focused workforce and sophisticated regulatory environment help companies like Banking Circle innovate and grow over the long-term.”
“We extend a warm welcome to Banking Circle US as they expand their operations in the U.S.,” Leah Kagan, director of economic development for the City of Stamford, said. “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.”
“We appreciate the warm welcome Mayor Simmons has given us, along with the entire community, since opening our office on Washington Boulevard,” Olson said. “Since then, we have grown from 5 to 24 employees and contractors, all of whom have contributed to our success over the past year. 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. Today’s grand opening celebration is a testament to the ongoing support of the entire Connecticut banking and fintech community including the Connecticut Bankers Association, the Connecticut Department of Economic and Community Development, and the City of Stamford’s Economic Development Commission, and we look forward to becoming a part of the wider Connecticut financial services community.”
The Connecticut Department of Banking offers an innovative banking charter that 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. 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.
As a national leader and trusted state regulator, Connecticut’s model delivers advantages to both businesses and regulators by ensuring a close working relationship between company compliance teams and experienced supervisors. At the same time, it provides the opportunity to reduce compliance costs and allow companies to continue to focus on innovation and growth, making Connecticut the destination of choice for financial technology companies.
For more information on Banking Circle US, visit bankingcircleus.com.
Media Contacts
Department of Banking:
Matt Smith
matthew.smith@ct.gov
203-996-1241 (cell)