Global Processing Services upsizes round to over US$400 million with the participation of new investors to accelerate investment in next-generation payments technology; appoints seasoned payments executive as new Chair of the Board
Global Processing Services has announced the closing and upsizing of its latest fundraise at over US$400 million. Temasek the global investment company headquartered in Singapore, and MissionOG, a US-based growth equity firm, joined the over US$300m initial round, co-led by growth investors Advent International – through Advent Tech and affiliate Sunley House Capital – and Viking Global Investors. The latest funding round for the leading global payment technology platform would allow the company to expand operations across Europe, Asia-Pacific and the Middle East, and North Africa.
Quick Overview on Fintech Solutions from Global Processing Services (GPS)
Global Processing Services (GPS) is an API-first payment technology platform, which enables innovative card programmes for the world’s leading fintechs, digital challenger banks and embedded finance providers.
Global Processing Services (GPS) is now trusted as a leading go-to payments processing partner for today’s biggest fintechs, including Revolut, Curve, Starling Bank, Zilch, WeLab Bank and Paidy.
GPS has issued millions of physical and virtual cards, enabled in over 48 countries, and processes billions of transactions on its API-first cloud-based platform. GPS’ highly flexible and configurable platform places the control firmly in the hands of global fintechs, digital banks, and embedded finance providers, enabling them to deliver rich functionality to the cardholder. It is a multi-award-winning issuer processor powering next-generation payment segments, including expense management, B2B payments, crypto, lending and credit (including Buy Now Pay Later (“BNPL”) propositions), digital banking, FX, remittance, open banking, and more.
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GPS operates the world’s swiftest issuer processing platform GPS Apex. In its current form, GPS Apex empowers fintech customers with agile fintech payment services, operating extensive API libraries that allow global users to connect to a range of products and benefits spanning agency banking, fraud protection, FX, and more.
- Company upsizes funding round by approximately US$100 million with the participation of Temasek and MissionOG, following lead investment from Advent International and Viking Global
- Gene Lockhart, former CEO and President of Mastercard International, appointed Chair
- Company investing heavily in cutting edge technology to power next-generation payments
- Will expand operations across Europe, Asia-Pacific and the Middle East, and North Africa
- GPS reports record revenues and processing volumes in 2021
How Does Global Processing Services Works?
Global Processing Services (GPS) is an API-first payment technology platform, which enables innovative card programmes for the world’s leading fintechs, digital challenger banks, and embedded finance providers. GPS’ technology and partnership approach has helped scale some of the most successful disruptive fintechs around the world, including Revolut, Curve, Starling Bank, Zilch, WeLab Bank, and Paidy, among others.
Through GPS’ next-generation cloud platform, its customers and partners can design, launch, manage and scale card programs across 48 countries. To date, GPS has issued over 190 million physical and virtual cards, and last year processed more than 1.3 billion transactions, generating record revenues.
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The additional investment and strategic support from the new investors aim to further accelerate GPS’ growth trajectory. Leveraging its strong reputation and innovative technology platform, the company plans to respond to customer demand by expanding internationally across Europe, APAC and MENA, and accelerating new product and technology developments. The new investors joining Advent and Viking bring deep fintech and payment expertise globally.
GPS Board strengthened with new Chair
Concurrent with the investment closing, Gene Lockhart, Chair and General Partner of MissionOG, has been named as the new Chair of GPS.
A seasoned investor, accomplished senior executive, and respected payments innovator, Gene has significant operational and investment experience across the financial services and payments industries. Gene’s 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.
Gene Lockhart, Chair, at GPS, said: “GPS is an innovative technology company, and we believe their unique position at the heart of the global payments ecosystem ideally positions them to power the next generation of financial services. With the deep network and experience MissionOG brings to the table, we look forward to being a trusted and valued partner of Joanne and the entire team.”
Joanne Dewar, Chief Executive Officer at GPS, said: “The upsizing of this latest round of investment is an important step forward for the company and a strong endorsement of our strategy. 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 is certified by Visa and Mastercard to process and manage any credit, debit or prepaid card transaction globally, with offices in London, Newcastle, Singapore, Sydney and Dubai. Its platform is equipped to meet the stringent standards required by Tier 1 banks, integrating with over 95 issuer partners, and operates programs for a global client base.
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