Global Processing Services, which provides the backbone card processing tech for a host of fintech startups and challenger banks in the UK, has raised £44 million to fund plans for international expansion.
Certified by Mastercard and Visa to process and manage any credit, debit or pre-paid card transaction globally, GPS currently counts 100+ clients including Starling Bank, Revolut, Pockit, Volt Bank, Loot, Stocard, Glint, Osper and Curve.
The £44 million raise is the UK’s third largest fintech financing in 2018. As part of the financing, UK private equity house Dunedin will take a significant stake in the business.
GPS has been in the news for all the wrong reasons of late, following a series of outages last year which impacted clients at the forefront of the digital banking revolution.
Suresh Vaghjiani, managing director at GPS comments: “GPS has experienced exceptional growth over the last few years and we have always prided ourselves on the diverse fintech customer base that we service. This partnership with Dunedin will see GPS accelerate even further as innovative fintech companies increasingly require global issuing platforms as well as traditional financial institutions looking to compete with new entrants.”