Global Processing Services adds $100M to its coffers to grow its embedded finance and API payments platform – TechCrunch


Embedded finance continues to be the driving force behind FinTech’s growth, with one group of companies building core banking, payments and other financial technologies, and a much larger group leveraging those technologies via APIs for their customers. I’m building a business. Today, one of the leading companies on the core technology side— Global processing service — Has announced a $ 100 million round of funding. This shows not only how popular embedded finance is as a business, but also GPS is the driving force in space.

Singapore Investor Temasek And US companies MissionOG GPS is the only two investors in this funding tranche, extending its $ 300 million investment. announcement Returning to October 2021, we closed the full round with $ 400 million. Advent International When Viking Global Investors He co-led the previous round and gave them control of GPS. As in the first half of the round, the Isle of Man-based GPS in the United Kingdom does not disclose its rating today.

This money will be used to continuously grow the GPS business. This includes various fintech services such as payments, direct withdrawals and automatic transfers.Virtual card; Mobile wallet; Fraud prevention; Expense management; Cryptocurrency management; BNPL etc. (These are GPS apex brand).

Specifically, the company wants to expand further not only in Europe and the Asia Pacific region, but also in more emerging markets throughout the Middle East and Africa. And it wants to bring new products. (Especially because there isn’t a mix of loan products right now, it could be one area to be investigated. Insurance could be another area, and solutions tailored to a particular industry are also possible. )

The reason for investment and investor attention is the surge in significant activity in both GPS and the space in which it is active. On the one hand, neo-banking services are becoming more popular (and reliable) between consumers and businesses. Meanwhile, the scope of non-fintech businesses (such as telephone companies and retailers) continues to expand, leveraging the concept of embedded finance to add new features and revenue streams to their own platforms.

More generally, consumers and businesses have made a major shift to carrying out all their financial activities online as the Covid-19 pandemic has spread around the world. Analog method. This has had a knock-on effect on venture funding across the fintech industry.Checkout, another major FinTech company, payment startup Raised a whopping $ 1 billion with a $ 40 billion valuation..

GPS itself is primarily focused on people working more directly with FinTech, including customers such as Revolut, Starling, Curve, Zilch and Paidy. The service is currently used in 48 countries, processing more than 1.3 billion transactions last year and issuing 190 million cards to date.

In a statement, Mission OG’s general partner Gene Lockhart said, “GPS is an innovative technology company, ideally positioned to enhance next-generation financial services with its unique position at the heart of the global payment ecosystem. I believe it is in. ” “With the deep network and experience that Mission OG brings, we look forward to becoming a trusted and valuable partner for Joanne and the entire team.” In particular, Lockhart has served as GPS chair for this investment. increase.

Joanne Dewar, CEO of GPS, said: “We are a fast-growing company in recent years, driven by our commitment to innovation and the provision of a single scalable technology platform. The expertise that new partners bring to GPS is geographic expansion and innovation. It is invaluable when entering the next stage. “

Global Processing Services adds $100M to its coffers to grow its embedded finance and API payments platform – TechCrunch Source link Global Processing Services adds $100M to its coffers to grow its embedded finance and API payments platform – TechCrunch

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