GPS secures $300m investment to boost product development and global expansion

London-based paytech Global Processing Services (GPS) has raised around $300 million in fresh investment as it looks to accelerate its product development and global expansion plans.

GPS received an undisclosed investment from Visa last year

The new cash injection comes from VC firms Advent International and Viking Global Investors, who will jointly take a controlling stake in the company.

It follows an undisclosed strategic investment from Visa in October last year and a $44 million raise from private equity firm Dunedin in 2018.

Founded in 2007, GPS offers an API-based payment technology platform that allows banks and fintechs to manage credit, debit and prepaid card transactions and launch card programmes across 48 countries.

Its platform has been utilised by a number of fintechs including Revolut, Curve, Starling Bank, Zilch, WeLab Bank and Paidy.

The firm claims to have issued more than 190 million physical and virtual cards to date, and last year processed more than 1.3 billion transactions.

GPS CEO, Joanne Dewar, says the company will use the new investment to “turbo charge our geographic footprint and product expansion plans”, with the aim to expand its presence across Europe, Asia Pacific and the Middle East.