GPS adds $100m to funding haul, Gene Lockhart new company chair

Payments firm Global Processing Services (GPS) has raised an additional $100m, bringing its total latest funding round to $400m.

GPS raised the initial $300m round back in October of 2021, at an undisclosed valuation. It had previously secured a strategic investment from payments giant Visa in October of 2020.  

The company, which was founded in 2007, counts a host of fintechs such as Revolut,Curve,Starling Bank,Zilch, WeLab Bank and Paidy as customers for its payments processing business. It says it has issued over 190 million physical and virtual cards, and last year processed more than 1.3 billion transactions. 

As part of the raise Gene Lockhart, former CEO and President of Mastercard, has been appointed GPS’ new chair. Lockhart is also a board member of fintech companies NuBank and First Republic Bank among others.

The $100m of new cash came from Temasek and MissionOG, Lockhart’s own investment house, following lead investment from Advent International and Viking Global. It will be used to expand internationally across Europe, APAC and MENA, and accelerate new product and technology developments. 

Payments continues to be one of the hottest areas of fintech in 2022 following a strong run in recent years. This week Checkout.com announced its bumper $1bn raise and new $40bn valuation to become one of Europe’s biggest fintechs.

“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,” said Joanne Dewar, Chief Executive Officer of GPS.

“The expertise that our new partners bring to GPS will be invaluable as we enter our next phase of geographic expansion and technology innovation,” she added.