Global Processing Services, the payment processor behind a host of challenger bank startups, including Revolut and Starling, has raised $300 million from Advent International and Viking Global Investors.
GPS has to-date issued over 190 million physical and virtual cards and last year processed over 1.3 billion transactions on its API-first cloud-based platform.
Joanne Dewar, chief executive officer at GPS, says: “GPS has been at the heart of the global fintech explosion, simplifying access to the global rails of the new digital payments era. This investment will allow us to turbo charge our geographic footprint and product expansion plans as we drive the payments ecosystem in the key verticals of today and tomorrow, including digital banking, Buy Now Pay Later, B2B virtual cards, financial empowerment, and much more.”
The $300 million investment by Advent and Viking will give them control of the company. It follows an undisclosed equity investment by Visa and private equity firm Dunedin in October last year.