London (Parliament Politics Magazine) -Global Processing Services (GPS), a London-based payment firm whose technology is used by the likes of Revolut, Starling and Zilch, has raised a further $100m, bringing their now-closed funding round to $400m.
In October 2021, the round was first opened, and it attracted $300m of investment from firms such as Advent International and Viking Global Investors. In the next round, global investment company Temasek and US-based growth equity firm MissionOG also joined.
The extra funding will be used to accelerate growth and to allow for international expansion across Europe, APAC and MENA, according to GPS. The new investors, as well as the existing ones, will also be offering strategic support to the company.
As well as this, a new chair has been appointed, and this will be Gene Lockhart, who is currently the chair and general partner of MissionOG. Lockhart will bring with him a wealth of experience, having already held roles such as the [resident and CEO of MasterCard International, and serving as a board member of multiple companies including NuBank and First Republic Bank.
Lockhart 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.”
Some of GPS’ clients include Revolut, Curve, Starling Bank, Paidy, WeLab Bank and Zilch. The API-first payment processing solutions provider offers card programmes for fintechs, challenger banks and embedded finance providers. GPS offers a cloud programme that can be used in 48 countries to design, launch and manage scale card programmes.
The company’s plan to expand its influence with the new funding has been made clear, but the company has been expanding its presence for a while. In September 2021, a new regional office was set up to offer services in the Middle East and North Africa, with Arnav Rath being appointed as head of the region for the new Dubai headquarters.
