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GPS, a payment firm used by Revolut and Zilch, closes $400m round

GPS funding

Global Processing Services (GPS), a London-based payment firm whose technology is used by digital banks such as Revolut and Starling, has raised an additional $100m (£73m) to bring the now-closed funding round to $400m (£291m).

The round first opened in October 2021, attracting $300m from the likes of Advent International and Viking Global Investors. Global investment company Temasek, which is headquartered in Singapore, and US-based growth equity firm MissionOG joined the follow-up round.

GPS said it will use the extra funding to accelerate its growth and expand internationally across Europe, APAC and MENA. The new and existing investors will also offer its strategic support to GPS.

In addition, the company has appointed Gene Lockhart, chair and general partner of MissionOG, as the new chair of GPS. Lockhart has previously held roles as the president and CEO of MasterCard International, along with serving as a board member of companies including NuBank and First Republic Bank, among others.

“GPS is an innovative technology company, and we believe their unique position at the heart of the global payments ecosystem ideally positions them to power the next generation of financial services,” said Lockhart. “With the deep network and experience MissionOG brings to the table, we look forward to being a trusted and valued partner of Joanne and the entire team.”

GPS is an API-first payment processing solutions provider. It offers card programmes for fintechs, challenger banks and embedded finance providers. Some of its clients include Revolut, Curve, Starling Bank, Zilch, WeLab Bank, and Paidy, among others. It offers a cloud platform that can be used to design, launch and manage scale card programmes in 48 countries.

The company is also expanding its presence and back in September 2021, it set up a regional office to offer services in the Middle East and North Africa. Arnav Rath was appointed as head of the region for its new Dubai headquarter.