Payment technology platform Global Processing Services (GPS) has raised over $300m to accelerate its growth and technology development.

The funding comes from Advent International and Viking Global Investors, who will now co-control the firm.

Advent is investing in GPS through Advent Tech and Sunley House Capital, an affiliate of Advent.

The latest funding follows a strategic investment in the firm by Visa last year.

GPS API-first payment technology platform is designed to enable card programmes for fintechs, digital challenger banks and embedded finance providers across 48 countries.

A number of fintechs, including Starling Bank, Revolut, Curve, Zilch, WeLab Bank and Paidy, are said to leverage this platform to launch and support their card programmes.

GPS CEO Joanne Dewar said: “GPS has been at the heart of the global fintech explosion, simplifying access to the global rails of the new digital payments era.

“This investment will allow us to turbo charge our geographic footprint and product expansion plans as we drive the payments ecosystem in the key verticals of today and tomorrow, including digital banking, Buy Now Pay Later, B2B virtual cards, financial empowerment, and much more.”

GPS claims to have issued over 190 million physical and virtual cards to-date. According to the company, its cloud-native platform processed over 1.3 billion transactions last year.

Advent International director Peter James said: “Through their customer-centric innovation, GPS has quietly established a leading position in key markets around the world with an attractive, diversified and global customer base.

“Together with Viking, we look forward to supporting GPS’ leadership team to expand the business’s product offering and accelerate its international reach.”

In 2018, GPS secured £44m investment from British private equity firm Dunedin. In 2017, the firm extended support for mobile wallet capabilities by including Android Pay for Mastercard Digital Enablement Service.