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Visa invests in GPS

Visa invests in GPS

Visa has invested in Global Processing Services, the payment processor behind a host of challenger bank startups, including Revolut and Starling.

UK growth private equity firm, Dunedin, joined Visa in the round, which will be used by GPS to extend its geographical reach.

GPS successfully expanded into the Apac region last year, delivering payments services for Xinja, the second Australian neobank to be made an authorised deposit-taking institution, and WeLab Bank, the first homegrown virtual bank in Hong Kong.

Having been selected as one of the preferred issuer processors for Visa’s Apac Fintech Fastrack programme, GPS has worked with the card scheme to deliver a next generation showcase for the 2021 Tokyo Summer Olympics.

Kevin Jacques, vice president, Visa Ventures, comments: “GPS is an example of how we continue to invest in, and partner with, companies that provide valuable capabilities to the ecosystem and have potential to advance the payments industry. The business has a strong balance sheet, engaging leadership and growth across key regions, and we believe it will continue to be an important enabler for payments processing.”

The value of the transaction was not disclosed.

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