Global Processing Services raises $300M its API-based payments and embedded finance platform

techcrunch.com
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Embedded finance continues to be a major theme in the world of fintech, with a wide swathe of new financial services companies tapping APIs built by others to power payments and other financial transactions, and more. In the latest development, Global Processing Services — one of the big players in the building and operating of […]
Embedded finance continues to be a major theme in the world of fintech, with a wide swathe of new financial services companies tapping APIs built by others to power payments and other financial transactions, and more. In the latest development, Global Processing Services — one of the big players in the building and operating of those APIs — has secured a huge round of funding, $300 million, which it will be using to continue expanding its business globally. London-based GPS (as it is known) already works with a lot of big names in some 48 countries — its customers include Revolut, Curve, Starling Bank, Zilch, WeLab Bank and Paidy — and has processed some 1.3 billion transactions on its platform since 2007. Now it will be looking to double down both on expanding its platform, and its geographical footprint.

The money is coming in the form of an investment from two big VC/PE firms, Advent International and Viking Global Investors, who together will now have a controlling stake in the company. GPS is not disclosing valuation — we have asked and will update if we learn more. It notes that Visa, which made a strategic investment of an undisclosed amount in October 2020, remains involved.

The deal will give GPS not just a cash infusion but a pair of partners that will help with making more strategic inroads into other markets, and potentially to bring in more technology to is platform. "We are…
Ingrid Lunden
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