Global Processing Services Raises US$300 Million From Advent, Vikingby Fintech News Singapore October 14, 2021
Payment technology platform Global Processing Services (GPS) announced it has raised over US$300 million from Advent International and Viking Global Investors, who will co-control the company.
The investment by Advent will be funded through Advent Tech and Sunley House Capital, an affiliate of Advent.
This latest funding follows a strategic investment from Visa for an undisclosed sum in 2020.
GPS’ API-first payment technology platform enables innovative card programmes for fintechs, digital challenger banks and embedded finance providers.
Its platform has helped scale multiple unicorns and powers a vast array of prominent fintechs across Europe, Asia Pacific, and the Middle East, including Revolut, Curve, Starling Bank, Zilch, WeLab Bank and Paidy.
Through a single unified code base, GPS enables its customers and partners to launch and scale card programmes across 48 countries, supported by integrations with over 95 issuers.
To date, it has issued over 190 million physical and virtual cards, and last year processed more than 1.3 billion transactions on its cloud-based platform.
“We are delighted to partner with Advent and Viking, with their deep experience and track record in payments and fintech, and, who share our bold vision for the next generation of global payments.
This investment will allow us to turbo charge our geographic footprint and product expansion plans as we drive the payments ecosystem in the key verticals of today and tomorrow, including digital banking, Buy Now Pay Later, B2B virtual cards, financial empowerment, and much more.”
said Joanne Dewar, Chief Executive Officer at GPS.