Dunedin, the UK private equity house, today announced that it has invested in the £44 million funding of Global Processing Services (“GPS”), the global payments processor and tech powerhouse behind the most exciting digital banks, challenger banks, fin-techs and financial institutions. GPS is the market leader in issuer processing, enabling next generation payment technology with 100+ clients including Starling Bank, Revolut, Pockit, Volt Bank, Loot, Stocard, Glint, Osper and Curve. The deal is the UK’s 3rd largest fin-tech financing in 2018 and Dunedin will take a significant stake in the business.
GPS was co-founded by entrepreneurs Tony Kerr & Craig Dewar and is led by a strong team comprising Joanne Dewar and Suresh Vaghjiani. The Company has circa 150 employees based in London and Newcastle. GPS provides a single, global integrated platform, GPS Apex, that powers and enables functionality of next generation Fin-tech payment companies.
Dunedin has a proven track record of growing profitable UK companies and helping them to internationalise. It sees significant potential for GPS to expand into new international markets as well as develop its product portfolio.
Oliver Bevan, Partner at Dunedin, who will sit on the Board alongside Dougal Bennett, Partner, commented: “GPS is positively disrupting a multi-billion-pound industry and is well placed to continue leading the way following the rise of other highly successful fin-tech companies. We are really excited to be investing in GPS which represents a significant opportunity for Dunedin to utilise its experience in taking UK companies with a technological edge and enabling them to shine on the international stage. We will support the management team and founders to help GPS to become a truly global leader in this niche market.”
Suresh Vaghjiani, Managing Director at GPS commented: “GPS has experienced exceptional growth over the last few years and we have always prided ourselves on the diverse fin-tech customer base that we service. This partnership with Dunedin will see GPS accelerate even further as innovative fin-tech companies increasingly require global issuing platforms as well as traditional financial institutions looking to compete with new entrants.”
Tony Kerr, co-founder of GPS commented: “The partnership with Dunedin is another important milestone for GPS and we look forward to working with them to take the next step on our exciting growth path. The investment will give us extra firepower to facilitate continued growth, strengthen our offering and expand our global footprint.”
The investment in GPS coincides with a high level of transactional activity for Dunedin and is the third financial services deal that it has completed in two years, following its investments in Kingsbridge and Alpha. Dunedin has also recently completed three successful exits – Blackrock, Alpha and Kee Safety – generating a total return of £231 million for its investors within a three-month period. Dunedin is currently investing its £300 million Fund III.
Jessica Hardy, Investment Manager, and Andrew Davidson, Assistant Director at Dunedin supported Oliver Bevan and Dougal Bennett on the deal.
Advisers to the transaction:
PwC – Corporate Finance
Dickson Minto – Legal
Consult Hyperion – Technical DD
Edgar Dunn – Commercial DD
FT Partners acted as exclusive strategic and financial advisor to GPS.
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For further information
Dunedin:
Please contact Equity Dynamics:
Corinna Vere Nicoll – Tel: 07825 326 440
Global Processing Services:
Nim Haas – Tel: 07799 407 290
About Dunedin (www.dunedin.com)
Dunedin is a UK private equity investor targeting buyouts of market leading companies in the UK with a deal size of £20m to £100m. Dunedin typically invests between £20m and £60m in its portfolio companies.
Dunedin focuses on business services, financial services and industrial sectors, using its depth of knowledge to understand the market drivers and to build relationships with management teams, key industry participants and influencers. Dunedin is backing businesses with excellence at the core where growth can be accelerated through technology development and international expansion.
Located in Edinburgh and London, Dunedin has a new investment team comprising seventeen investment professionals with approximately 200 years of private equity experience between them.
Dunedin LLP is a limited liability partnership authorised and regulated by the Financial Conduct Authority.
About Global Processing Services (GPS)
Global Processing Services (GPS) is the issuer processor enabling many of today’s most high-profile fintech innovators and disruptors. It is certified by Mastercard and Visa to process and manage any credit, debit or pre-paid card transaction globally.
GPS enables the emerging payments industry to deliver breakthrough innovations through a unique combination of proprietary technology, its people and partners.
At the heart of its capability is GPS Apex, its single global issuer processing platform. Built entirely by its own payment experts, GPS Apex offers easy integration with Issuers, Programme Managers, card manufacturers and many other service providers.
It has integrated with over 40 issuing banks globally and operates programmes for 100+ clients in 60 countries using over 150 currencies, enabling its clients to innovate and deliver exciting new value propositions for end users around the world.
For more information: http://globalprocessing.net/
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