Isle of Man-headquartered payments processor Global Processing Services has received a £44m investment from private equity firm Dunedin.
The company offers MasterCard and Visa payment processing as well as other forms of transactions including virtual cards, mobile and digital token solutions, and wearable payment products.
GPS provides payments processing services for digital banks, challenger banks, FinTechs and financial institutions. Its clients include Starling Bank, Revolut, Pockit, Volt Bank, Loot, Stocard, Glint, Osper and Curve.
The company doesn’t just support payments and can help clients with solutions for multi-currency processing, and various banking solutions, such as a digital wallet for children, invoice payments and making purchases even if a card has been stolen.
Dunedin partner Oliver Bevan said, “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.”
Dunedin closed its third fund on its £300m hard cap in 2013, ahead of its initial £250m target.
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