United Kingdom-based payment technology platform Global Processing Services (GPS) has upsized funding round by approximately $100 million with participation of Temasek and MissionOG.
This brings the total amount raised in its latest round to $400 million, the company said in a statement, adding that Advent International and Viking Global co-led the previous $300 million round.
GPS said that 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, Asia Pacific (APAC) and Middle East and North Africa (MENA), and accelerating new product and technology developments.
The new investors joining Advent and Viking bring deep fintech and payment expertise globally, it added.
“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,” said Joanne Dewar, Chief Executive Officer at GPS.
GPS is an application programming interface (API)-first payment technology platform, which enables innovative card programs 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.
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 Chief Executive Officer of MasterCard International and serving as a board member of companies including NuBank and First Republic Bank, amongst many others.
“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,” said Gene Lockhart, Chair, at GPS.
UK digital payment firm raises $10M led by Inference Partners to expand to Europe and Asia