Payments processing company Global Processing Services (GPS) has locked in £44million in funding from Dunedin, marking one of the largest fin-tech financing deals of the year.
The investment managers announced the venture with GPS, who currently power the latest digital banks, fin-techs and financial institutions in the industry.
Founded in 2015, GPS is presently working with more than 100 clients who include fintech innovators and disruptors such as Starling Bank, Revolut, Pockit, Volt Bank, Loot, Stocard, Glint, Osper and Curve.
Dunedin will take a significant stake in the business that produces a integrated platform, called GPS Apex, that enables the new fin-tech companies to function globally.
It was co-founded by Tony Kerr & Craig Dewar, who now lead the business comprising of 150 employees based in London and Newcastle. It operates in 60 countries and deals with over 150 currencies.
Tony Kerr, co-founder of GPS, said: “The investment will give us extra firepower to facilitate continued growth, strengthen our offering and expand our global footprint.”
“The partnership with Dunedin is another important milestone for GPS and we look forward to working with them to take the next step on our exciting growth path.”
Dunedin has a track record of growing UK companies, such as Kingsbridge and Alpha, and taking them into the international market.
Oliver Bevan, Partner at Dunedin, said: “GPS is positively disrupting a multi-billion-pound industry and is well placed to continue leading the way following the rise of other highly successful fin-tech companies.
“We are really excited to be investing in GPS which represents a significant opportunity for Dunedin to utilise its experience in taking UK companies with a technological edge and enabling them to shine on the international stage.
“We will support the management team and founders to help GPS to become a truly global leader in this niche market.”
GPS is certified by Mastercard and Visa to process and manage any credit, debit or pre-paid card transaction globally and has integrated with over 40 issuing banks globally.
Suresh Vaghjiani, Managing Director at GPS, said: “GPS has experienced exceptional growth over the last few years and we have always prided ourselves on the diverse fin-tech customer base that we service.
“This partnership with Dunedin will see GPS accelerate even further as innovative fin-tech companies increasingly require global issuing platforms as well as traditional financial institutions looking to compete with new entrants.”