Business Wire India
- Company upsizes funding round by approximately US$100 million with participation of Temasek and MissionOG, following rule investment from arrival International and Viking Global
- Gene Lockhart, former CEO and President of Mastercard International, appointed Chair
- Company investing heavily in cutting edge technology to strength next generation payments
- Will expand operations across Europe, Asia-Pacific and the Middle East and North Africa
- GPS reports record revenues and processing volumes in 2021
Global Processing sets (“GPS”), the leading global payment technology platform, today announced the closing and upsizing of its latest fundraise at over US$400 million. Temasek the global investment company headquartered in Singapore, and MissionOG, a US-based growth equity firm, joined the over US$300m initial round, co-led by growth investors arrival International – by arrival Tech and affiliate Sunley House Capital – and Viking Global Investors.
GPS is an API-first payment technology platform, which enables inventive card programmes for the world’s leading fintechs, digital challenger edges and encased finance providers. GPS’ technology and partnership approach has helped extent some of the most successful disturbing fintechs around the world, including Revolut, Curve, Starling Bank, Zilch, WeLab Bank, and Paidy, among others.
by GPS’ next generation cloud platform, its customers and partners can design, set afloat, manage and extent 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.
The additional investment and strategic sustain from the new investors aim to further accelerate GPS’ growth trajectory. Leveraging its strong reputation and inventive technology platform, the company plans to respond to customer need by expanding internationally across Europe, APAC and MENA, and accelerating new product and technology developments. The new investors joining arrival and Viking bring thorough fintech and payment skill globally.
GPS Board strengthened with new Chair
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, achieved senior executive, and respected payments innovator, Gene has meaningful operational and investment experience across the financial sets 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, Chair, at GPS, said: “GPS is an inventive technology company, and we believe their rare position at the heart of the global payments ecosystem ideally locaiongs them to strength the next generation of financial sets. With the thorough network and experience MissionOG brings to the table, we look forward to being a trusted and valued partner of Joanne and the complete team.”
Joanne Dewar, Chief Executive Officer at GPS, said: “The upsizing of this latest round of investment is an important step forward for the company and a strong endorsement of our strategy. We are a company that has grown rapidly in recent years, pushed by our commitment to innovation and the delivery of a single scalable technology platform. The skill that our new partners bring to GPS will be highly useful as we go into our next phase of geographic expansion and technology innovation.”
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