Global Processing Services (GPS), a UK-headquartered payment processing platform developer backed by payment services firm Visa, secured $300m yesterday from private equity firm Advent International and investment firm Viking Global Investors.
The deal will enable the two investors to jointly control the company once it closes, pending customary approvals. Advent was represented by its Advent Tech unit and Sunley House Capital affiliate.
Founded in 2007, GPS has built enterprise software that enables digital banking service providers such as Revolut, Starling Bank and Curve to provide payment processing management tools covering credit, debit and prepaid card transactions.
The company will use the cash to improve its products and expand its customer bases across the 48 markets it is present in across Europe, the Asia Pacific region and the Middle East.
Joanne Dewar, chief executive of GPS, said: “This investment will allow us to turbocharge 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, business-to-business virtual cards, financial empowerment and much more.”
Visa had supplied an undisclosed amount for the company in October 2020, a deal which followed a $58.3m round featuring private equity group Dunedin two years before.
