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October 19, 2020

GPS furthers International growth with Visa Investment

By Mohamed Dabo

Payments issuer processor Global Processing Services (GPS) has secured a strategic investment from strategic partner, Visa Inc., the digital payments giant.

Backed by UK growth private equity firm, Dunedin, this strategic 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:

“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.”

Well positioned to support fintechs, digital banks, and e-wallet providers

GPS is a major issuer processor positioned to support fintechs, digital banks and e-wallet providers on their growth journey, from the agility of a proof-of-concept to a fully scaled global offering, the company said.

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.

The company has already delivered programmes including Xinja, the second Australian neobank to be made an authorised deposit-taking institution. It has also enabled WeLab Bank, the first homegrown virtual bank in Hong Kong.

A preferred issuer processor for Visa’s APAC Fintech Fastrack programme

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.

Now, the company will be looking to replicate its European and APAC accomplishments across other regions as one of Visa’s preferred processors.

Financial Technology Partners LP and FTP Securities LLC (FT Partners) served as the exclusive financial and strategic advisor to GPS in this transaction.

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