GPS raises $300M for its API-based payments and platform

Embedded finance has remained a key driving force in the growth of fintech firms and services across the globe. A host of new financial services firms continue to leverage APIs developed by others to drive their own payments and related services. 

Global Processing Services — a leading developer and operator of the said APIs — has recently completed a humongous financing round in which it raised US$300 million. The fund will be deployed towards furthering its expansion plans, as the firm eyes global markets.

London-headquartered GPS has already booked top B2B clients across over 48 countries. Some of GPS’s current customers include Revolut, Curve, Starling Bank, Zilch, WeLab Bank, and Paidy.

As of today, over 1.3 billion transactions have been processed via GPS’ platform since it launched in 2007. Now, the firm is looking to further expand its platform and also its operational presence into new markets.

The new capital injection is available via the commitments of two large VC/PE firms, Advent International and Viking Global Investors, which through their joint investment, now have own a controlling stake in the company.