GPS adds $100m to its latest funding round, appoints new chair

UK-based paytech Global Processing Services (GPS) has upsized its latest fundraise by $100 million, closing it at over $400 million.

Gene Lockhart, new chair of GPS. Image source: MissionOG

Singapore-based investment firm Temasek and US-based growth equity firm MissionOG joined the round, co-led by growth investors Advent International – through Advent Tech and affiliate Sunley House Capital – and Viking Global Investors.

GPS enables card programmes for fintechs, digital challenger banks and embedded finance providers worldwide. Its customer list includes Revolut, Curve, Starling Bank, Zilch, WeLab Bank and Paidy.

It covers 48 countries; has issued over 190 million physical and virtual cards to date; and processed more than 1.3 billion transactions last year, “generating record revenues”, it says.

GPS has offices in London, Newcastle, Singapore, Sydney and Dubai, and plans further international expansion with the latest funding.

Concurrent with the investment closing, Gene Lockhart, chair and general partner of MissionOG, has been named as the new chair of GPS.

Lockhart’s prior leadership roles include president and CEO of MasterCard International and president of Bank of America’s global retail bank. He’s also served as a board member of Metro Bank, NuBank and First Republic Bank, among others.

Source: https://www.fintechfutures.com/2022/01/gps-adds-100m-to-its-latest-funding-round-appoints-new-chair/