LONDON, 1 JULY 2025
Banking Circle S.A. (‘Banking Circle’), the next-generation technology-led payments bank, has entered into a strategic partnership with PayGlocal to streamline and accelerate international payment collections for Indian businesses, including exporters and marketplace sellers.
Designed for the complexities of global trade, PayGlocal empowers Indian merchants with enterprise-grade payment capabilities and RBI-licensed trust. This strategic collaboration strengthens PayGlocal’s cross-border payment capabilities, enabling Indian merchants to collect funds from key international markets, including Europe, the UK, and Australia, by leveraging Banking Circle’s direct clearing access and award-winning virtual account solutions.
PayGlocal’s multi-currency account offering will be expanded to include Australian Dollars (AUD), further enhancing its existing local collection capabilities in US Dollars (USD), Euros (EUR), British Pounds (GBP). With access to local clearing rails, merchants benefit from faster settlements, enhanced transparency, and a seamless experience through a single API.
“Our collaboration with PayGlocal is a significant step in reducing friction for Indian exporters and enhances our presence in India,” said Mishal Ruparel, Chief Commercial Officer at Banking Circle. “By combining our local clearing network with PayGlocal’s merchant-focused platform, we’re enabling faster, cost-effective cross-border payments that support India’s growing role in global trade.”
“PayGlocal helps Indian businesses expand globally by enabling them the ability to move money quickly, compliantly, and without friction — which is critical. This tie-up with Banking Circle strengthens that foundation by combining trusted infrastructure, regulatory alignment, and a shared commitment to solving real merchant challenges at scale — without making them handle the complexities themselves,” said Rohit Sukhija, Co-founder & Chief Product Officer, PayGlocal.
This relationship is expected to deepen as both companies collaborate to meet the growing demand from Indian merchants expanding and scaling across global markets.
For media queries, please contact:
Banking Circle
Gaya Ananda
gaya@bankingcircle.com
PayGlocal
Harshitha Rao
harshitha.rao@payglocal.in
About Banking Circle S.A.
Banking Circle S.A. is a public limited liability company (Société Anonyme) and a credit institution (e.g., a bank) headquartered in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF) as its home regulator. Banking Circle S.A. has branches in Denmark, Sweden, Germany, and the UK, and subsidiaries in Liechtenstein, Singapore, Australia and Norway.
As a fully licenced bank, Banking Circle S.A. enables payments companies and banks of any scale to seize opportunities in the new economy – quickly, at low cost.
Banking Circle S.A. is a modern correspondent bank committed to building a local clearing network for all major currencies, to deliver fast, low-cost payments with no hidden fees for the beneficiary. It provides a suite of unique and award-winning banking solutions, including multi-currency banking accounts and Virtual IBANs, bank connections for local clearing and cross-border payments, all underpinned by market leading compliance and security.
Through bespoke, flexible, scalable and futureproof solutions Banking Circle S.A. is enabling financial institutions to help their customers transact across borders in innovative ways.
About PayGlocal
PayGlocal is a pioneering, fast-growing cross-border payments company empowering Indian businesses to seamlessly manage and scale their global receivables. Licensed by the Reserve Bank of India as an online Payment Aggregator (PA-PG), and operating as a cross border payment aggregator, PayGlocal enables over 1,500 businesses across export, retail, travel, education, and SaaS to accept payments in 50+ currencies through 30+ global payment methods. The platform combines intelligent routing, advanced fraud prevention, and 99.99%+ uptime to deliver reliable, compliant, and high-conversion global payment experiences.
PayGlocal’s product suite includes Multi-Currency Accounts (MCA) – offering local collection in USD, EUR, GBP, CAD, and AUD and an enterprise-grade International Payment Gateway optimised for global checkout, settlements, and regulatory alignment.
Founded in 2021 by payments industry veterans Prachi Dharani, Rohit Sukhija, and Yogesh Lokhande, PayGlocal is backed by leading investors Tiger Global and Peak XV (formerly Sequoia Capital India) and is powering the next wave of India’s global commerce.