Payments Issuing Firm Raises Funding
– Correction: An earlier version of this story stated that GPS raised funding from Visa. Visa has not added any additional funds. The story has been updated to reflect this.
Payments issuer interface company Global Processing Service (GPS) has closed over $300 million in funding from Viking Global Investors and Advent International.
The proceeds will accelerate GPS’s overseas growth activities and product expansion plans.
It follows existing efforts by the startup, headquartered in London with local fintech clients including challenger banks Revolut and Starling.
GPS announced last year receiving funding from payment card issuing firm Visa.
Embedded Card Transactions
GPS has built a payments technology to process transactions from more than 95 issuing firms and payment card firms Mastercard and Visa.
It was founded in 2007 and claims to have processed over 1.3 billion transactions through its cloud-based platform.
Brands access the service to issue virtual or physical cards in fintech products like digital banking apps. The GPS product is packaged as application programming interfaces, the type of software framework used to connect multiple blocks of code or multi-device software programs.
The expansion into overseas markets has gained support from a U.K. government global fintech outreach initiative, as well as the Singaporean Economic Development Board.
In Asia Pacific, the company’s partnerships include Australia-based challenger bank Xinja and WeLab Bank, a virtual bank licensed in Hong Kong.