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Singapore investor Temasek backs $400M round of London fintech Global Processing Services

Global Processing Services is a London-based API-first go-to payments processing partner for today’s leading fintechs, digital challenger banks and embedded finance providers. Today, the company has bagged an additional $100 million in funding, which takes the latest funding round to $400 million.

Previously, Temasek Singapore-based global investment company and MissionOG, a US-based growth equity firm joined for the $300m initial round that was co-led by growth investors Advent International through Advent Tech and affiliate Sunley House Capital and Viking Global Investors.

The additional $100 million came from participation of new investors to accelerate investment in next-gen payments. The strategic support from the new investors aims to further accelerate its growth trajectory. The company plans to respond to customer demand by expanding internationally across Europe, APAC and MENA. Also, it will be used to accelerate new product and technology developments.

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.”

Paytech pioneer!

Founded in 2007 by Craig Dewar and Tony Kerr, Global Processing Services is a powerful processing platform. It is in a trusted position within the payments ecosystem. It supports users from the start as they build out their proposition, integrate with its platform, and connect to the right partners to ensure flexibility, resilience and scalability.

Its award-winning issuer processing platform GPS Apex enables many of today’s most high-profile fintech innovators and disruptors. It 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.

Appoints new chair person

Besides the funding round, Gene Lockhart, Chair and General Partner of MissionOG, has also been named as the new Chair of GPS.
The 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.

Issues millions of physical, virtual cards

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 enables users 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, open banking and more.

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.

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