GPS CEO Joanne Dewar | Image credit: Global Processing Services
London-based Global Processing Services (GPS), a platform that processes payments and manages credit, debit, and prepaid card transactions, announced on Thursday that it has raised an additional $100M (approx €87.17M) in funding, upsizing its recent funding round to over $400M (approx €348.69M).
In October 2021, GPS raised over $300M (approx €261.5M) from Advent International and Viking Global Investors, who co-control the company. The current round saw participation from two new investors – Singapore-based investment company Temasek and US-based growth equity firm MissionOG.
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This new investment also brings the total to over $1.4B of funds invested in UK Paytech or fintech businesses in 48 hours, showing the strength and investor optimism of the UK fintech industry.
Capital utilisation
The proceeds from this round will help the company to fulfill its customer demand by expanding internationally across Europe, APAC, and MENA. The funds will also enable GPS to further accelerate its new product and technology developments.
Joanne Dewar, CEO of GPS, says, “We are a company that has grown rapidly in recent years, driven by our commitment to innovation and the delivery of a single scalable technology platform. The expertise that our new partners bring to GPS will be invaluable as we enter our next phase of geographic expansion and technology innovation.”
GPS Board strengthened with new Chair
With this investment, Gene Lockhart, Chair and General Partner of MissionOG, has been named as the new Chair of GPS.
Lockhart is a seasoned investor and has significant operational and investment experience across the financial services and payments industries. His prior leadership roles include serving as the President and CEO of MasterCard International and serving as a board member of companies including NuBank and First Republic Bank, amongst many others.
Next-generation payment issuing solutions
Founded in 2007, GPS is an API-first payment technology platform. Its next-generation cloud platform enables customers and partners to design, launch, manage, and scale card programmes across 48 countries.
GPS helps global fintechs, digital banks and embedded finance providers to deliver rich functionality to the cardholder. It powers next-gen payment segments, including expense management, B2B payments, crypto, lending and credit (including Buy Now Pay Later propositions), digital banking, FX, remittance, open banking, and more.
The company’s technology and partnership approach has helped scale many fintechs around the world, including Revolut, Curve, Starling Bank, Zilch, WeLab Bank, and Paidy, among others.
GPS is certified by Visa and Mastercard to process and manage any credit, debit or prepaid card transaction globally. The company has offices in London, Newcastle, Singapore, Sydney, and Dubai. Its platform meets the standards required by Tier 1 banks, integrating with 95 issuer partners, and operates programmes for a client base across the globe.
To date, GPS has issued over 190 million physical and virtual cards, and processed more than 1.3 billion transactions last year, generating record revenues.
Recent growth
Last year, GPS customers were accountable for generating $12.53B worth of global investment through venture capital (VC), private equity (PE), and mergers and acquisitions (M&A) activity. This accounts for more than a tenth (13 per cent) of the reported $98B worth of investment the global fintech industry generated in the first half of 2021.
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