Dunedin, the Edinburgh-based private equity firm, has invested £44 million of funding in Global Processing Services (GPS) the global payments processor which power many of the world’s leading fintech companies, challenger banks and financial institutions.
The funding is the 3rd largest fintech investment thus far in 2018 and Dunedin will take a significant – though undisclosed – stake in the business.
GPS’ Apex technology enables next generation payment technology for over 100 clients including Starling Bank, Revolut, Pockit, Volt Bank, Loot, Stocard, Glint, Osper and Curve.
Global Processing Services
Founded by entrepreneurs Tony Kerr and Craig Dewar, GPS has approximately 150 employees based in London and Newcastle offices.
The Dunedin GPS investment is reported to be based upon the potential for GPS to expand into new international markets as well as develop its product portfolio.
Oliver Bevan, Partner at Dunedin, who will sit on the GPS Board, commented:
“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.
“We are really excited to be investing in GPS which represents a significant opportunity for Dunedin to utilise its experience in taking UK companies with a technological edge and enabling them to shine on the international stage.
“We will support the management team and founders to help GPS to become a truly global leader in this niche market.”
Suresh Vaghjiani, the Managing Director at GPS said:
“GPS has experienced exceptional growth over the last few years and we have always prided ourselves on the diverse fin-tech 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.”
Tony Kerr, co-founder of GPS commented:
“The partnership with Dunedin is another important milestone for GPS and we look forward to working with them to take the next step on our exciting growth path.
“The investment will give us extra firepower to facilitate continued growth, strengthen our offering and expand our global footprint.”