Global Processing Services Upsizes Latest Fundraise To US$400 Million

Republished By Plato

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Payment technology platform Global Processing Services (GPS) announced the closing and upsizing of its latest fundraise at over US$400 million.

Global investment company Temasek and MissionOG, a US-based growth equity firm, joined the over US$300 million initial round, co-led by growth investors Advent International – through Advent Tech and affiliate Sunley House Capital – and Viking Global Investors.

The additional investment and strategic support from the new investors will be used to further accelerate GPS’ growth trajectory.

GPS also plans to respond to customer demand by expanding internationally across Europe, APAC and MENA, and accelerate new product and technology developments.

Through GPS’ next generation cloud platform, its customers and partners can design, launch, manage and scale card programmes across 48 countries.

To date, GPS has issued over 190 million physical and virtual cards, and last year processed more than 1.3 billion transactions, generating record revenues.

Concurrent with the investment closing, Gene Lockhart, Chair and General Partner of MissionOG, has been named as the new Chair of GPS.

A 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.

Gene Lockhart

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.”