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March 24, 2022

GPS forges strategic partnership with Mastercard to target fintech firms

Global Processing Services (GPS) has partnered with Mastercard to deliver next-generation payments technology to global fintech companies.

The partners will provide multiple card programmes for several fintechs, including Revolut, Starling Bank, and Curve, across the world.

In January 2021, GPS raised more than $400m in new capital from investors such as Advent International, Viking Global Investors and Temasek to invest in open application programming interface (API) and cloud-based technology.

The move is expected to help the company to expand into major markets across the world in the coming three years.

GPS aims to focus on fast-growing verticals, including digital banks, crypto, BNPL, open banking and cross border payments, helping Mastercard to make a strategic investment in the company.

Using GPS’ advanced cloud-based technology, fintechs can access a wide range of modern open APIs to scale their operations.

GPS’ ecosystem of international partners can also be connected by fintechs to disrupt and advance traditional banking, payment and lending services.

Mastercard executive vice president for market development Europe Jason Lane said: “We are excited to be formalising our partnership with GPS, working with them to build the fintechs of the future.

“Mastercard has a long history of partnering with fintechs, ensuring we have the programmes, products and tools that every innovative financial company needs even as the sector continues to evolve.”

Earlier this month, Mastercard and Visa announced their compliance with sanction orders on Russia as a result of its invasion of Ukraine.

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