Global Processing Services has ‘upsized’ its latest funding round to almost £300 million (more than $400m) and appointed a former CEO at Mastercard as chair.

The London-headquartered firm said Singapore-headquartered Temasek and MissionOG, a US-based growth equity firm, have joined the initial round.

Gene Lockhart, chair and general partner of MissionOG, has been named as the new chair as part of the investment. 

Lockhart has significant operational and investment experience across the financial services and payments industries, including serving as the president and CEO of MasterCard International, and serving as a board member of companies including NuBank and First Republic Bank.

The future of financial services is collaboration

“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 [CEO] Joanne [Dewar] and the entire team.”

The initial round was 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 card programmes for FinTechs, digital challenger banks and embedded finance providers. Its technology and partnership approach has helped scale Revolut, Curve, Starling Bank, Zilch, WeLab Bank and Paidy.

These 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. raises £730m amid major US market push

The additional investment and strategic support from the new investors will help it expand internationally across Europe, APAC and MENA.

Dewar added: “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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