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LONDON, 23 March 2022 – Global Processing Services (“GPS”), a leading global payment technology platform, today announced a new strategic partnership with Mastercard.
Today’s announcement expands on the two firms’ longstanding relationship stretching back over a decade. Together, GPS and Mastercard have worked in partnership to launch and scale hundreds of card programmes for some of the most successful and innovative fintechs in the world including Revolut, Starling Bank and Curve, amongst many others across Europe and Asia-Pacific.
In January 2022, GPS announced a significant capital injection of over US$400 million providing GPS with a bench of experienced global growth investors including Advent International – through Advent Tech and affiliate Sunley House Capital – Viking Global Investors; Temasek, the global investment company headquartered in Singapore; and MissionOG, a US-based growth equity firm.
GPS intends to invest strongly in international expansion and product development with an eye on new and fast-growing verticals where adoption continues to rise including digital banks, crypto, BNPL, open banking and cross border payments, and as a result, Mastercard has made a strategic investment into the company.
GPS plays a crucial role in enabling fintech customers of networks such as Mastercard to deliver a trusted and dynamic digital commerce experience to billions of consumers who use physical and virtual cards – innovatively, quickly, and securely.
Through GPS’s modern and agile cloud-based technology, fintechs can access a diverse and expanding suite of modern open APIs that enable ambitious and disruptive players to scale at speed. Fintechs can also access GPS’s unique ecosystem of international partners, freeing them up to focus their time and resources on what truly matters to them – delivering an exceptional customer experience and continuous product innovation that disrupts and advances traditional banking, payment and lending services.
Jason Lane, Executive Vice President Market Development Europe, Mastercard, 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. We provide the solutions and expertise to iterate with fintech companies at each stage, transform together and achieve scale at pace.”
Joanne Dewar, Chief Executive Officer at GPS, said: “Our partnership with Mastercard is a resounding endorsement of our API-first payment technology platform and our bold vision for the future of payments. Together, for over a decade, we have helped to reliably scale many customers at speed. We welcome them as a GPS investor and we are ready to support many more future Mastercard fintech customers to scale into global businesses with the innovation, speed, and security they expect.”
Notes to Editors:
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart, and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments, and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
About Global Processing Services (GPS)
Global Processing Services (GPS) is the trusted and proven go-to payments processing partner for today’s leading fintechs, including Revolut, Curve, Starling Bank, Zilch, WeLab Bank and Paidy. GPS has issued millions of physical and virtual cards, enabled in over 48 countries, and processes billions of transactions on its API-first cloud-based platform. GPS’ highly flexible and configurable platform places the control firmly in the hands of global fintechs, digital banks, and embedded finance providers, enabling them to deliver rich functionality to the cardholder. It is a multi-award-winning issuer processor powering next generation payment segments, including expense management, B2B payments, crypto, lending and credit (including Buy Now Pay Later (“BNPL”) propositions), digital banking, FX, remittance, open banking and more. GPS is certified by Visa and Mastercard to process and manage any credit, debit or prepaid card transaction globally, with offices in London, Newcastle, Singapore, Sydney and Dubai. Its platform is equipped to meet the stringent standards required by Tier 1 banks, integrating with over 95 issuer partners and operates programmes for a global client base.