Global Processing Services raises over US$300 million to accelerate technology development and global growth

  • Global API-first payment technology platform powers the world’s leading fintechs, including Revolut, Curve, Starling Bank, Zilch, WeLab Bank and Paidy
  • Investment from Advent International and Viking Global Investors provides deep payments and fintech experience and capital; follows strategic investment by Visa in 2020
  • Company intends to use investment to accelerate technology investments in product innovation and to continue the expansion of its customer base in 48 countries today across Europe, Asia Pacific and the Middle East

LONDON, October 13, 2021 – Global Processing Services (“GPS”), the leading global payment technology platform, today announced it has raised over US$300 million from Advent International (“Advent”) and Viking Global Investors (“Viking”), who will co-control the company. The investment by Advent will be funded through Advent Tech and Sunley House Capital, an affiliate of Advent.

GPS’ API-first payment technology platform enables innovative card programmes for the world’s leading fintechs, digital challenger banks and embedded finance providers. Its platform has helped scale multiple unicorns and powers a vast array of prominent fintechs across Europe, Asia Pacific, and the Middle East, including Revolut, Curve, Starling Bank, Zilch, WeLab Bank and Paidy. Through a single unified code base, GPS enables its customers and partners to launch and scale card programmes across 48 countries, supported by integrations with over 95 issuers. To date, it has issued over 190 million physical and virtual cards, and last year processed more than 1.3 billion transactions on its cloud-based platform.

“GPS provides key payments technology infrastructure, 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,” commented Peter James, Director at Advent International.

“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.”

“We are delighted to partner with Advent and Viking, with their deep experience and track record in payments and fintech, and, who share our bold vision for the next generation of global payments,” said Joanne Dewar, Chief Executive Officer at GPS.

“GPS has been at the heart of the global fintech explosion, simplifying access to the global rails of the new digital payments era. 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 has a strong track record in the growth of businesses across the payment and software industries, including a recent investment in Planet, the global integrated payments leader, and Dock, the Latin American financial technology infrastructure provider where Advent’s affiliate, Sunley House Capital, co-invested alongside Viking. Worldwide since 2008, Advent has invested ~US$5 billion across 12 payments platform companies.

Viking has a long history investing in payments and software, across both the private and public markets. 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.

The transaction will be subject to customary closing conditions.


Media Contacts:

Sumeet Vermani / Louisa Bartoszek
Global Processing Services
Marcom@globalprocessing.com

Graeme Wilson / Harry Cameron
Tel: +44 (0)20 7353 4200
Advent International
Advent@tulchangroup.com


About Global Processing Services (GPS)
 

Global Processing Services (GPS) is the trusted and proven go-to payments processing partner for today’s leading fintechs, including Revolut, Curve, Starling Bank, Zilch, WeLab Bank and Paidy. GPS has to-date issued over 190 million physical and virtual cards, enabled in over 48 countries, and last year processed over 1.3 billion transactions on its API-first cloud-based platform.

GPS’ highly flexible and configurable platform places the control firmly in the hands of global fintechs, digital banks, and embedded finance providers, enabling them to deliver rich functionality to the cardholder. It is a multi-award-winning issuer processor powering next generation payment segments, including expense management, B2B payments, crypto, lending and credit (including Buy Now Pay Later propositions), digital banking, FX, remittance, open banking and more.

GPS is certified by Visa and Mastercard to process and manage any credit, debit or prepaid card transaction globally, with offices in London, Newcastle, Singapore, Sydney and Dubai. Its platform is equipped to meet the stringent standards required by Tier 1 banks, integrating with 95 issuer partners and operates programmes for a client base across the globe.

Company highlights from the last two years include:

  • Expansion into Asia-Pacific through establishing a new regional centre of excellence in Singapore alongside a hub in Sydney, with a fast-growing customer base including WeLab Bank, the first homegrown virtual bank in Hong Kong, and Paidy, the largest Buy Now Pay Later player in Japan.
  • Secured strategic investment from Visa, a long-term partner of GPS, and established a new regional centre of excellence in United Arab Emirates (UAE) having been selected as one of its preferred issuer processors in Asia-Pacific and the MENA region

Website: www.globalprocessing.com

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 380 private equity investments across 42 countries, and as of June 30, 2021, had €68 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 245 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. After 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies. For more information, visit:

Website: www.adventinternational.com  

About Viking Global Investors LP

Founded in 1999, Viking is a global investment management firm that manages approximately $48 billion of capital for its investors. It has offices in Greenwich, New York, Hong Kong, London, and San Francisco and is registered as an investment adviser with the U.S. Securities and Exchange Commission. For more information, please visit www.vikingglobal.com.

Databricks joins FinTech Australia’s partnership program as Gold Partner

Databricks, the Data and AI company, has become a gold partner in FinTech Australia’s corporate partnership program. It joins other major technology companies such as Facebook, Google, Amazon Web Services (AWS) and Xero, all of whom have become members in the past 12 months.

FinTech Australia’s ecosystem partnership program assists in the fostering of relationships with the fintech industry’s key players and aims to further embed them in the growing ecosystem. 

In joining the program, Databricks aims to work more closely with digital natives on leveraging data to drive both more engaging customer experiences and greater returns on equity. 

“With Open Banking now rolling out in Australia, data has become an increasingly valuable asset for the fintech industry — one that many in the sector are still working out how to best utilise,” FinTech Australia CEO Rebecca Schot-Guppy said.

“Given this, we welcome Databricks as a gold member in our corporate partnership program, and believe the move to join the program is incredibly well-timed.” 

Bede Hackney, Regional Vice President for Australia and New Zealand at Databricks said: “Data is the lifeblood of every company and is fundamental to driving innovation in what is one of the world’s most dynamic fintech industries.  

“As the sector continues to diversify and new entrants challenge traditional financial business models, we look forward to collaborating with Australian fintechs, and enabling organisations to unlock greater value from their data.”


Media contact
Harrison Polites
harrison@themediaaccelerator.com.au
0409 623 618

Adatree launching Australia’s first non-financial CDR use case

Adatree is excited to announce the launch of COVID Hotspot Alert, an innovative new service using the power of CDR for Good. COVID Hotspot Alert helps keep Australians safe during the pandemic by leveraging a user’s card purchase data and matching with COVID Hotspot locations released by the Government. Alerts are sent directly to a customers phone if they have purchased at a COVID Hotspot location within minutes of new exposure sites being announced.

COVID Hotspot Alert has been built with Adatree proprietary Data Recipient Platform, which is currently active and receiving bank data from data holders couple with Adatree’s new Analytics Engine, machine learning algorithms that run the complex matching process.

Adatree fundamentally believes in applying the Consumer Data Right not only for financial gain, but also for use cases that help our society. We created this product to demonstrate that the CDR is live and working and to show that the CDR can be used for greater social good.

For more information about COVID Hotspot Alert and to join the waitlist for this innovative service, go to covidhotspotalert.com.au

REA’s PropTrack joins FinTech Australia’s partnership program

REA Group’s data business PropTrack has joined FinTech Australia’s ecosystem partnership program, becoming the 14th major partner the peak body has signed in a year.

The program embeds companies within the fintech ecosystem and assists in the fostering of relationships with the fintech industry’s key players.

PropTrack is a property data and valuations business servicing customers including Australia’s major banks with trusted property data analytics and insights, customised data platforms and an Automated Valuation Model (AVM).

Other companies involved in the program include: Xero, the Sydney Stock Exchange, Amazon Web Services (AWS), Mastercard, EY, Facebook, Google, eftpos, IDEMIA, Regional Australia Bank, RSM Australia and the Newcastle Permanent Building Society.

“This is an exciting partnership for FinTech Australia, as we’ve always seen a key link between the property sector and the fintech industry,” FinTech Australia CEO Rebecca Schot Guppy said.

“Property is crucial to wealth and investment in Australia, there’s a substantial number of fintechs operating in the sector. Our partnership program will assist PropTrack in building those key relationships to help create new opportunities.”

Melina Cruickshank, Chief Executive Officer, PropTrack, said: “PropTrack is uniquely placed to provide unparalleled access to property data and insights through the integration of proprietary REA Group demand data and industry-leading software, apps and tools. We’re excited to connect with new fintechs to help build their competitive advantage with trusted market intelligence.”

Media contact
Harrison Polites
harrison@themediaaccelerator.com.au
0409 623 618

About FinTech Australia

FinTech Australia is a national association for the Australian FinTech Startup community. Our vision is to make Australia the leading market for FinTech Innovation and Investment by working with both sides of Government, Industry and the Australian FinTech community to create a supportive environment and partner ecosystem in Australia and abroad.

Navigating rental relief with Law Squared

We know a lot of our friends with commercial and retail leases are doing it tough – whether that’s because they’re running on reduced capacity, or their businesses are currently shut – however, there is finally some rental relief reprieve from state governments in addition to the rental relief measures in place from last year.

The NSW and VIC governments have just released updated Regulations which allow each business on a commercial or retail lease to seek rental relief from their landlord.

To help you kick start these conversations with your landlord, our friends at Law Squared have once again created some free resources which will provide guidance on the arrangements you can come to with your landlord given the difficult economic times caused by COVID-19.

These include:

  1. Rental Relief Fact Sheet and Letter to Landlord (Victoria): Given the substantial differences between the 2020 Regulations and the recent Regulations, the Law Squared Fact Sheet provides great insights on the differences. You can then utilise the template letter which should form the basis of your rental relief request with your landlord. There are a series of input fields and comments throughout the letter to assist you in customising the letter for your business/leasing needs.
  2. Rental Relief Calculator (Victoria): The Regulations outlines a number of tests to be applied to determine the rent waiver and deferral amounts. Law Squared have created a calculator to assist you in determining the relevant amounts.
  3. Rental Relief Letter to Landlord (New South Wales): You can then utilise the template letter which should form the basis of your rental relief request with your landlord. There are a series of input fields and comments throughout the letter to assist you in customising the letter for your business/leasing needs.

These resources are now available for free through the Law Squared website.

If you have any queries related to the rental relief resources, please do not hesitate to reach out to Law Squared Founder, Demetrio Zema (dzema@lawsquared.co) or a member of the Law Squared team. They are more than happy to assist you during these unprecedented times.

7 Ways to Secure Funding for your Tech Startup

Australian technology startups have certainly shone on the global stage in recent years. Brilliant minds across software, artificial intelligence, machine learning, automation, and other related fields have contributed major innovations within the tech space.building start-up tech

Getting any new business off the ground is no easy feat though. And in a hyper-competitive field such as technology, it can be particularly challenging.

If you’re embarking on a new venture, it’s likely that funding is weighing heavily on your mind. Whether you’ve only just begun or are almost ready to go to market, funding could be the ticket to get you to the next stage in your business journey.

Here are 7 ways to help you drum up cash so you can take those all-important next steps – be it testing new ideas, hiring new employees, or preparing to launch.

Read full article here

Global Open Finance Challenge

This November, four leading banks from across the globe are joining forces to explore the future of finance in the Global Open Finance Challenge. The event will be co-hosted by NAB (Australia), ITAU (Brazil), NatWest (UK) and CIBC (Canada), and is the first of its kind.

The Global Open Finance Challenge is a week-long virtual event that will bring together teams from around the world to pitch API-enabled propositions on a global stage. Participants will receive mentoring from respected banking executives and ventures teams before going head-to-head with their ideas.

The top four teams will each have the opportunity to participate in a post-event tailored incubation program. This program will include the following:

  • Proof of Concept with a Bank: a dedicated in-bank team to collaborate and support a proof of concept, including feedback from front-line and customer research groups.
  • Ventures Pitch: Post-Event Teams will have the opportunity to pitch to all of the Banks’ ventures teams
  • Local Market Guidance: Post-Event Teams will receive exclusive meetings where in-bank teams will provide education on the Banks local market environments.
  • Senior Leadership: exposure to internal decision makers for networking relationship support and partner discussion
  • Media Coverage: the winning teams will be featured in press releases across global and local banking, fintech, and technology media channels
  • Solution Architecture: expert consultants from Amazon Web Services (“AWS”) will provide support on functional and technical designs

Your opportunity to build an API-enabled concept in response to one of the following challenges: 

  • Experience: How can we better serve our corporate and business customers, and the public at large, by delivering high-value digital services?
  • Convenience: How can we help current and new customers access banking services through more convenient or relevant digital channels?
  • Sustainability: How can we find innovative ways to help our customers make better decisions around climate and sustainability?

Registrations close 26 September, 2021

Where: Online

Cost: Free

Registration and more infowww.globalopenfinancechallenge.com

 

Why participate?

    • Growing and nurturing domestic talent and ideas to solve global problems
    • Teams can access APIs from 4 global banks (which normally have a hire barrier to entry to obtain accreditation to leverage) which is a great chance for Aus start-ups to test their solutions in new marketing
    • The above complimented by the fact winners will get a PoC with the global banks – all banks have committed – A great opportunity for AUS start-ups to expand overseas with the help of local banks and AWS
    • NAB Ventures are supporting finalist teams – great chance for businesses to showcase to the team
    • IP remains with the participants – the banks will not own any of the IP
    • The judges are all the banks CEOs  AND the CTO of Amazon Group
    • Opportunity for students to showcase their work front of global banking, VC and Amazon execs
    • Mentorship is included in the process so are webinars, fire side chats, networking and pitch workshops – all online

Boost your tech business’s cash flow with government incentives

How can you boost your tech business’s cash flow with government incentives?

When you launch a startup, it’s natural to think being cash strapped comes with a territory. After all, you’ve likely seen plenty of movies and heard stories about the endless struggles of entrepreneurs who endure years of hard work before making a single penny.

However, our experience in the real world proves this doesn’t always need to be the case.

Although it’s reasonable to expect long hours as you invest all your time and energy into getting your venture off the ground, there are smart steps you can take totech business’s cash flow with R&D grants minimise the time it takes to reach a cash flow positive state.

And while you may be consumed by the technical activities of your business (where your passion lies), partnering with an advisor who can help you identify and take these smart steps can make all the difference.

One way an advisor may do this is by leveraging all available tax incentives and grants. Some of these are particularly valuable to technology companies and can provide a much needed cash injection into your business.

READ THE FULL ARTICLE HERE

Sydney Stock Exchange join FinTech Australia’s partnership program

Sydney Stock Exchange (SSX) has joined FinTech Australia’s corporate partnership program, becoming the 13th new major member it has signed on in a year. SSX joins existing partners Xero, Amazon Web Services (AWS), Mastercard, EY, Facebook, Google, eftpos, IDEMIA, Regional Australia Bank, RSM Australia and the Newcastle Permanent Building Society.

The partnership program embeds companies within the fintech ecosystem and networks them with its key players.

“We look forward to working with the SSX as it looks to grow its presence in the fintech industry,” FinTech Australia CEO Rebecca Schot-Guppy said. “With many of our members considering their options for capital and the fintech industry rapidly growing, we believe it’s an ideal time for SSX to help educate members on their options for fundraising.”

“As a growth company with international reach, the Sydney Stock Exchange is a natural partner for Australian fintechs. Our entry requirements are more supportive, and our ongoing administration is far more efficient. With the benefits of being listed, we help fintechs access the capital required to reach their potential.” Michael Go, CEO of Sydney Stock Exchange.

About FinTech Australia

FinTech Australia is a national association for the Australian FinTech Start-up community. Our vision is to make Australia the leading market for FinTech Innovation and Investment by working with both sides of Government, Industry and the Australian FinTech community to create a supportive environment and partner ecosystem in Australia and abroad.

About Sydney Stock Exchange 

SSX aims to support businesses to take the next step in their growth strategy.

SSX is an efficient, cost-effective listing venue which supports growth-oriented companies raise the capital they need to reach their potential. Through connections to global markets, SSX offers qualifying companies the opportunity to access capital internationally.

SSX Contact

Listings
getlisted@ssx.com.au
02 9217 2739

Media contact

Harrison Polites
harrison@themediaaccelerator.com.au
0409 623 618

How to structure your tech company to get the most from your people

Often, tech companies get started on a wish and a prayer.

The founders have a great idea, apply for an Australian Business Number (ABN), or set up a company, and don’t give the structure of this new business a second thought as they barrel forward with hours upon hours of development activities.

While setting up a company might provide some sense of security in the short term, the longer that founders go without properly evaluating their structure, the more difficult and expensive it is to change in the future.

This may not mean much in the early days, but when the value of intellectual property begins to increase so too do founder’s concerns about protecting it.


Start with the end in mind While setting up a company might provide some sense of security in the short term, the longer that founders go without properly evaluating their structure, the more difficult and expensive it is to change in the future.  

Every business needs a structure that is fit for purpose.

This means it aligns with the founder’s vision and goals for the business, such as whether they wish to:

 – grow the business
– run and hold the business
– publicly list the business
– sell the business

Even if the ideal structure or end state is not yet known, most (if not all) possibilities can be accessed if the structure provides enough flexibility from the onset.

A company is not always the best structure, and the same applies with a trust. The right structure considers a wide variety of elements – from who is involved in the company to the types of products and services you offer, to how and where you operate.

The disbursement of profits, application of capital gains tax, implications of tax across multiple jurisdictions and so on, can have a big effect on your ability to reach a cash flow positive state sooner rather than later.

READ THE FULL ARTICLE HERE

Upcoming Events
  1. EY FinTech Australia Census 2021

    October 20 @ 11:30 am - 12:30 pm
  2. FinTech Connect: Share. Network. Grow.

    October 20 @ 3:00 pm - 4:00 pm
Videos

Ep 2: Fintechs Acceleration of Growth Since COVID

Ep 1: The Evolution of Payments

Scaling Product Globally

Podcasts

Lee Hatton – Afterpay: FinTech Australia Podcast

Anthony Jones – Visa AUS/NZ

Tim Cameron – TransferWise