Global Processing Services Secures Strategic Investment From Visa for Global Expansionby Fintech News Singapore October 19, 2020
Payments issuer processor, Global Processing Services (GPS) has secured an investment from strategic partner, Visa.
Backed by UK growth private equity firm, Dunedin, this strategic investment will help accelerate GPS’ global expansion, following its success in launching new fintechs and digital banks in Europe and South East Asia, including Revolut and Starling Bank.
Joanne Dewar, Chief Executive Officer at GPS, commented:
“This strategic partnership with Visa is a fantastic step in the GPS growth journey, providing both recognition as a trusted and proven processing provider and further extends our reach. We have great relationships with Visa around the world and we look forward to taking these from strength to strength as we work together to showcase both of our capabilities.”
GPS is said to provide hyper-personalised user experiences, placing flexibility and control in the hands of the cardholder.GPS is an issuer processor positioned to support fintechs, digital banks and e-wallet providers on their growth journey, from proof-of-concept to a fully scaled global offering.
With the support of the UK Department for International Trade’s Fintech Bridges and the Singaporean Economic Development Board, GPS expanded into the APAC region last year, and has already delivered programmes including Xinja, the second Australian neobank to be made an authorised deposit-taking institution, and WeLab Bank, the first homegrown virtual bank in Hong Kong.
Having been selected as one of the preferred issuer processors for Visa’s APAC Fintech Fastrack programme, GPS has worked closely with Visa to deliver a next generation showcase for the 2021 Tokyo Summer Olympics.
Kevin Jacques, Vice President, Visa Ventures, added:
“GPS is an example of how we continue to invest in, and partner with, companies that provide valuable capabilities to the ecosystem and have potential to advance the payments industry. The business has a strong balance sheet, engaging leadership and growth across key regions, and we believe it will continue to be an important enabler for payments processing.”
Financial Technology Partners LP and FTP Securities LLC (FT Partners) served as the exclusive financial and strategic advisor to GPS in this transaction.
Featured image: Edited from Pixabay