GPS Closed An Over US$400 Million Round Backed By Singaporean Investment Company

Olivia Song

February

2022

GPS, short for Global Processing Services, recently closed an over US$400 million round which was backed by Singaporean investment company Temasek, MissionOG, and Viking Global Investors.

Besides that, Advent International also participated in the round via its Advent Tech fund and affiliate Sunley House Capital.

UK based GPS is a payment technology platform that provides payment processing solutions to fintech companies, digital challenger banks, and embedded finance providers. As of now, the company has helped design, deploy, and manage card programs across 48 countries worldwide.

Founded in 2007 by company director Craig Dewar, the company onboarded clients like Revolut, Curve, Starling Bank, Zilch, WeLab Bank, and Paidy. GPS, helmed by CEO Joanne Dewar launched its first Asia Pacific hub in Singapore back in 2019, as more than 40% of all Southeast Asian fintech firms base their operations in the country.

Currently, GPS said it will use its newly funded capital to accelerate growth and expand across Europe, Asia Pacific, Middle East, and North Africa. It has also named Gene Lockhart, chair and general partner of MissionOG, as its new chair.