Payment technology platform Global Processing Services this week announced the closure of its latest funding round at an upsized total of more than $400 million. Joining the frays are global investment firm Temasek and American growth equity outfit MissionOG. The funds will be used for new products and technology in addition to an ambitious planned expansion across Europe, Asia-Pacific and Middle East/North Africa.
Global Processing Services offers a cloud platform that allows users to create and manage card systems across 48 countries. So far the company has issued more than 190 million physical and virtual cards. In 2021 they processed more than 1.3 billion transactions.
MissionOG chair and general partner Gene Lockhart is now chair of Global Processing Services. Lockhart was once president and CEO of MasterCard International and was on the boards of NuBank and First Republic Bank, among others.
“GPS is an innovative technology company, and we believe their unique position at the heart of the global payments ecosystem ideally positions them to power the next generation of financial services,” Lockhart said in a press release. “With the deep network and experience MissionOG brings to the table, we look forward to being a trusted and valued partner of Joanne and the entire team.”
Global Processing Services has worked with such financial institutions and fintech firms as Revolut, Starling Bank and Curve. Their $300 million-plus raise, originally announced in October of 2021, attracted Advent International and Viking Global Investors. Advent’s share of the investment was funded through Advent Tech and Sunley House Capital, which is an affiliate of Advent.
The company’s API payment platform enables innovative card programs for the world’s financial services providers as well as embedded finance firms.
Advent’s previous investments include stakes in Planet, a global integrated payments provider, and Dock, a Latin American fintech infrastructure provider.