GPS expands international growth plans with Visa partnership
Posted on October 19, 2020 by Alistair Hardaker
Payments issuer processor Global Processing Services (GPS) has secured investment from strategic partner Visa.
Backed by UK growth private equity firm Dunedin, the investment will accelerate GPS’ global expansion, following the launch of FinTechs and digital banks in Europe and South East Asia, including Revolut and Starling Bank.
With the support of the UK Department for International Trade’s Fintech Bridges and the Singaporean Economic Development Board, GPS expanded into the APAC region last year, and has since delivered programmes including Xinja, the second Australian neobank to be made an authorised deposit-taking institution, and WeLab Bank, the first homegrown virtual bank in Hong Kong.
Having been selected as one of the preferred issuer processors for Visa’s APAC Fintech Fastrack programme, GPS has worked with Visa to deliver a showcase for the 2021 Tokyo Summer Olympics.
Joanne Dewar, Chief Executive Officer at GPS, commented: “This strategic partnership with Visa is a fantastic step in the GPS growth journey, providing both recognition as a trusted and proven processing provider and further extends our reach.
“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. 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.”
Now, the company will be looking to replicate its European and APAC accomplishments 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. Through innovation and solid partnerships, we will successfully accelerate the delivery of better financial experiences for every customer,” Dewar continued.
Kevin Jacques, Vice President, 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.”