Payments issuer processor Global Processing Services (GPS) has secured an investment from a strategic partner, Visa. Backed by UK growth private equity firm, Dunedin, this investment will accelerate GPS’ global expansion, following its success in launching new and innovative fintechs and digital banks in Europe and South East Asia, including Revolut and Starling Bank.
Joanne Dewar, Chief Executive Officer at GPS, said: “This strategic partnership with Visa is a fantastic step in the GPS growth journey, providing both recognition as a trusted and proven processing provider and further extends our reach. We have great relationships with Visa around the world and we look forward to taking these from strength to strength as we work together to showcase both of our capabilities. GPS is uniquely focused on customer success and we welcome the opportunity to spotlight the role we play at the epicentre of the fintech story.
“The entire payments industry is evolving at speed, which has only accelerated further with the increased preference and convenience for digital payments over cash transactions. Through innovation and solid partnerships, we will successfully accelerate the delivery of better financial experiences for every customer.”
With the support of the UK Department for International Trade’s Fintech Bridges and the Singaporean Economic Development Board, GPS successfully expanded into the APAC region last year, and has already delivered successful programmes including Xinja, the second Australian neobank to be made an authorised deposit-taking institution, and WeLab Bank, the first homegrown virtual bank in Hong Kong. Having been selected as one of the preferred issuer processors for Visa’s APAC Fintech Fastrack programme, GPS has worked closely with Visa to deliver a next-generation showcase for the 2021 Tokyo Summer Olympics.
“GPS is an example of how we continue to invest in, and partner with, companies that provide valuable capabilities to the ecosystem and have potential to advance the payments industry,” said Kevin Jacques, Vice President, Visa Ventures. “The business has a strong balance sheet, engaging leadership and growth across key regions, and we believe it will continue to be an important enabler for payments processing.”
The company will be looking to replicate its European and APAC accomplishments across other regions as one of Visa’s preferred processors.
Kevin Murphy, CEO of Crosscard and representative of the GPS Strategic Customer Council, said: “The Visa investment is a resounding endorsement of GPS’ market-leading issuer processing capabilities, with some of the biggest global digital brands having benefitted from its ability to launch innovative products quickly and reliably. We commend GPS for its partner-centric approach and unparalleled flexibility which have been invaluable in accelerating our growth as one of Europe’s leading digital issuing solutions provider, and for supporting us on our journey whilst we pivoted towards focusing on our issuing business.
“With GPS having established its place as the trailblazer in fintech processing, the Visa investment is a natural and logical next step in its evolution towards becoming a global payments processing leader.”