Investors include Advent International and Viking Global Investors who will gain control of the company. The investment by Advent will be funded through Advent Tech and Sunley House Capital, an affiliate of Advent.
GPS reports that it has issued over 190 million physical and virtual cards to date, operating in over 48 countries, processing over 1.3 billion transactions (last year) on its API-first cloud-based platform. GPS’ API payment platform enables innovative card programs for the world’s financial services providers as well as embedded finance firms.
Joanne Dewar, Chief Executive Officer at GPS, said they are delighted to be partnering with Viking and Advent who share their vision of global payments.
Peter James, Director at Advent International, said GPS provides key payments technology enabling the global fintech revolution.
“Their agile, resilient and modern cloud platform drives some of the most innovative use cases and allows fintechs to globalise through a single API. Through their customer-centric innovation, GPS has quietly established a leading position in key markets around the world with an attractive, diversified and global customer base. Together with Viking, we look forward to supporting GPS’ leadership team to expand the business’s product offering and accelerate its international reach.”
Dewar explained that GPS has been at the heart of the global fintech explosion:
“This investment will allow us to turbo charge our geographic footprint and product expansion plans as we drive the payments ecosystem in the key verticals of today and tomorrow, including digital banking, Buy Now Pay Later, B2B virtual cards, financial empowerment, and much more.”
Advent notes that it has a strong track record in the growth of businesses across the payment and software industries, including an investment in Planet, a global integrated payments leader, and Dock, a Latin American Fintech infrastructure provider where Advent’s affiliate, Sunley House Capital, co-invested alongside Viking. Since 2008, Advent has invested approximately $5 billion across 12 payments platform companies.
Viking is investing in GPS out of its private equity vehicles, which currently manage over $17 billion. Recent payments investments include Dock, the Latin American financial technology infrastructure provider where it co-invested alongside Advent, and Clip, the Mexican digital payments and commerce platform.