/payments

News and resources on payments systems, innovations and initiatives worldwide.

GPS raises $300 million

Global Processing Services, the payment processor behind a host of challenger bank startups, including Revolut and Starling, has raised $300 million from Advent International and Viking Global Investors.

  2 Be the first to comment

GPS raises $300 million

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

GPS has to-date issued over 190 million physical and virtual cards and last year processed over 1.3 billion transactions on its API-first cloud-based platform.

Joanne Dewar, chief executive officer at GPS, says: “GPS has been at the heart of the global fintech explosion, simplifying access to the global rails of the new digital payments era. 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.”

The $300 million investment by Advent and Viking will give them control of the company. It follows an undisclosed equity investment by Visa and private equity firm Dunedin in October last year.

Sponsored [Webinar] PREDICT 2025: The Future of Faster Payments in the US

Related Company

Comments: (0)

[New Impact Study] Catering to a new generation through unified card programmesFinextra Promoted[New Impact Study] Catering to a new generation through unified card programmes