GPS secures Visa investment to fuel international expansion
Global Processing Services (GPS) has secured an undisclosed strategic investment from Visa.
GPS underpins neobanks in the Europe and Asia Pacific regions
Private equity firm Dunedin, a long-time backer of GPS, joined Visa in the round.
The new injection of capital is set to underpin GPS’s planned global expansion, following its “success” in aiding the operations of digital banks in Asia Pacific (APAC) and Europe.
GPS expanded into the APAC region last year. It works with Australian neobank Xinja and Hong Kong virtual bank WeLab Bank.
The payments firm is a preferred issuer processor for Visa’s APAC Fintech Fastrack programme.
“The entire payments industry is evolving at speed,” says Joanne Dewar, CEO at GPS.
“Through innovation and solid partnerships, we will successfully accelerate the delivery of better financial experiences for every customer.
“We have great relationships with Visa around the world and we look forward to taking these from strength to strength.”
Kevin Jacques, vice president of Visa Ventures, says GPS is a company which provides “valuable capabilities to the ecosystem”.
“The business has a strong balance sheet, engaging leadership and growth across key regions. We believe it will continue to be an important enabler for payments processing.”
Last week, GPS announced a string of new hires at the executive level.
The company made three C-level appointments: Richard Hodgson as chief financial officer, Shaun Puckrin as chief product officer, and Jerome Gudgeon as chief technology officer.
GPS’s only disclosed funding occurred in June 2018, when it raised £44 million from Dunedin in a private equity round.
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