Global Processing Services (GPS), a payments processing firm which powers digital banks like Revolut, Starling Bank and Curve, has raised £44m in one of the largest FinTech financing deals of the year.

Private equity house Dunedin has taken a significant stake in the business as part of the deal.

GPS was co-founded by entrepreneurs Tony Kerr & Craig Dewar and is led by a strong team comprising Joanne Dewar and Suresh Vaghjiani.

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It provides a global integrated platform that powers and enables functionality of next generation FinTech payment companies.

"The investment will give us extra firepower to facilitate continued growth, strengthen our offering and expand our global footprint," said GPS co-founder Tony Kerr.

Managing director Suresh Vaghjiani added: "GPS has experienced exceptional growth over the last few years and we have always prided ourselves on the diverse FinTech 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."

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Dunedin partner Oliver Bevan will sit on the board of GPS alongside partner Dougal Bennett.

He 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."

GPS has around 150 employees based in London and Newcastle.

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