Global Processing Services upsizes round to over US$400 million with participation of new investors to accelerate investment in next generation payments technology

Appoints seasoned payments executive as new Chair of the Board

• Company upsizes funding round by approximately US$100 million with participation of Temasek and MissionOG, following lead investment from Advent International and Viking Global
• Gene Lockhart, former CEO and President of Mastercard International, appointed Chair
• Company investing heavily in cutting edge technology to power 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

LONDON, 13 January 2022 – Global Processing Services (“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 Advent International – through Advent Tech and affiliate Sunley House Capital – and Viking Global Investors.

GPS is an API-first payment technology platform, which enables innovative card programmes for the world’s leading fintechs, digital challenger banks and embedded finance providers. GPS’ technology and partnership approach has helped scale some of the most successful disruptive fintechs around the world, including Revolut, Curve, Starling Bank, Zilch, WeLab Bank, and Paidy, among others.

Through GPS’ next generation cloud platform, its customers and partners can design, launch, manage and scale 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 support from the new investors aim to further accelerate GPS’ growth trajectory. Leveraging its strong reputation and innovative technology platform, the company plans to respond to customer demand by expanding internationally across Europe, APAC and MENA, and accelerating new product and technology developments. The new investors joining Advent and Viking bring deep fintech and payment expertise 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, accomplished senior executive, and respected payments innovator, Gene has significant operational and investment experience across the financial services 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 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. 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.”

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, driven by our commitment to innovation and the delivery of a single scalable technology platform. The expertise that our new partners bring to GPS will be invaluable as we enter our next phase of geographic expansion and technology innovation.”

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Media Contacts:

Sumeet Vermani / Louisa Bartoszek

[email protected]

Notes to Editors:

About Global Processing Services (GPS)

Global Processing Services (GPS) is the trusted and proven go-to payments processing partner for today’s leading fintechs, including Revolut, Curve, Starling Bank, Zilch, WeLab Bank and Paidy.  GPS has issued millions of physical and virtual cards, enabled in over 48 countries, and processes billions of transactions on its API-first cloud-based platform. GPS’ highly flexible and configurable platform places the control firmly in the hands of global fintechs, digital banks, and embedded finance providers, enabling them to deliver rich functionality to the cardholder. It is a multi-award-winning issuer processor powering next generation payment segments, including expense management, B2B payments, crypto, lending and credit (including Buy Now Pay Later (“BNPL”) propositions), digital banking, FX, remittance, open banking and more. GPS is certified by Visa and Mastercard to process and manage any credit, debit or prepaid card transaction globally, with offices in London, Newcastle, Singapore, Sydney and Dubai. Its platform is equipped to meet the stringent standards required by Tier 1 banks, integrating with over 95 issuer partners and operates programmes for a global client base.

Website: www.globalprocessing.com

LinkedIn: Global Processing Services | LinkedIn

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 380 private equity investments across 42 countries, and as of September 30, 2021, had $86 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 250 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit

Website: www.adventinternational.com

LinkedIn: www.linkedin.com/company/advent-international

About Viking Global Investors LP

Founded in 1999, Viking is a global investment management firm that manages approximately $48 billion of capital for its investors. It has offices in Greenwich, New York, Hong Kong, London, and San Francisco and is registered as an investment adviser with the U.S. Securities and Exchange Commission. For more information, please visit www.vikingglobal.com.

About Temasek

Temasek is a global investment company with a net portfolio value of S$381 billion (£206billion) as at 31 March 2021. Headquartered in Singapore, it has 13 offices in nine countries around the world. The Temasek Charter defines Temasek’s three roles as an Investor, Institution and Steward, which shape its ethos to do well, do right, and do good. As a provider of catalytic capital, it seeks to enable solutions to key global challenges. With sustainability at the core of all Temasek does, it actively seeks sustainable solutions to address present and future challenges, as it captures investible opportunities to bring about a sustainable future for all. For more information on Temasek, please visit www.temasek.com.sg.

About MissionOG
Founded in 2012, MissionOG partners with high-growth businesses that have proven models in segments where we have had success as operators and investors, including financial services and payments, data platforms, and software. We apply our experience and capabilities to a group of highly skilled and passionate entrepreneurs whose businesses are on the cusp of exponential growth. The firm is managed by operators and investors who have effectively built early to growth stage businesses and guided them through successful acquisitions. MissionOG is headquartered in Philadelphia. For more information visit www.missionog.com.

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