Payment giant Visa has made a strategic investment into Global Processing Services (GPS), a payments issuer processor.
UK growth equity firm Dunedin backed the deal ,which will fuel GPS’ continuous global expansion plants and builds on the FinTech company’s previous partnership with Visa.
“We have great relationships with Visa around the world and we look forward to taking these from strength to strength as we work together to showcase both of our capabilities,” said Joanne Dewar, CEO at GPS. “GPS is uniquely focused on customer success and we welcome the opportunity to spotlight the role we play at the epicentre of the FinTech story.”
GPS boasts about being one of the key businesses behind the FinTech revolution by having empowered brands to provide “hyper-personalised user experiences, placing flexibility and control in the hands of the cardholder.”
Today it provides its services to FinTech companies like Australian digital bank Xinja and e-wallet providers.
Looking at how it will use the money, GPS said it would use the undisclosed sum to replicate the growth it has enjoyed over the last year in the Asia and Pacific region across other regions as one of Visa’s preferred processors.
“The entire payments industry is evolving at speed, which has only accelerated further with the increased preference and convenience for digital payments over cash transactions,” Dewar said. “Through innovation and solid partnerships, we will successfully accelerate the delivery of better financial experiences for every customer.”
Kevin Jacques, vice president at Visa Ventures, added, “GPS is an example of how we continue to invest in, and partner with, companies that provide valuable capabilities to the ecosystem and have potential to advance the payments industry. The business has a strong balance sheet, engaging leadership and growth across key regions, and we believe it will continue to be an important enabler for payments processing.”
The news comes just weeks after Visa’s arch-rival Mastercard inked a similar deal with card issuing company Marqeta.
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