London-based Global Processing Services has announced an additional $100 million raise, adding on to an already impressive $300 million round. The funding is slated to be used in further R&D projects as the company aims to remain at the forefront of powering some of the world’s leading fintechs that include Revolut, Curve, Starling Bank, Zilch, WeLab Bank, and Paidy. Since 2018 GPS has raised a total of $458 million.
Providing a host of underpinning services including virtual cards, mobile wallet solutions, real-time transaction data, chargeback facilitation, and the list goes on and on, GPS might not be a household name, but chances are you’ve indirectly used one of their products within the past few years.
In so much, through its customers and partners, the company is active in 48 countries and has issued over 190 million physical and virtual cards, and last year processed more than 1.3 billion transactions.
Adding on to an impressive track record, GPS has also scored a win in the recent appointment of Gene Lockhart as chair of the GPS board. Lockhart, chair and general partner at investor MissionOG will be able to provide valuable insight to the company as he formerly served as CEO and president at Mastercard International and president of the global retail bank at Bank of America.
Global Processing Services’ additional $100 million in funding was provided by Temasek and MissionOG who follow the lead investment from Advent International and Viking Global.
“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,” commented CEO Joanne Dewar. “The expertise that our new partners bring to GPS will be invaluable as we enter our next phase of geographic expansion and technology innovation.”
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