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.

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

FinTech Australia adds Xero to its partnership program

FinTech Australia’s corporate partnership program has added its 12th major new member within a year, with Xero, the global small business platform, joining the program.

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

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

“We welcome Xero to our program, and look forward to working with them to reinforce the company’s strong connections in the Australian fintech industry.” FinTech Australia CEO Rebecca Schot-Guppy said.

“Having welcomed Xero as a partner is yet another indicator of the strong demand for collaboration with Australia’s booming fintech sector, reinforcing its position as a driver of overall economic growth”

Ian Boyd, Director of Partnerships APAC, Xero, said: “We look forward to working with FinTech Australia to drive greater visibility of the innovation being led by fintechs in Australia, and to coordinate with others on technology related policy. The recent Intersekt conference was a key example of the vibrant industry engagement FinTech Australia is fostering.”

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.

RSM Australia joins FinTech Australia as a Goldpartner

RSM Australia (RSM), one of the largest mid-tier accounting firms in Australia, has joined FinTech Australia’s corporate partnership program as a gold partner.

RSM is now the 10th company to join the program in a year. Other members include Amazon Web Services (AWS), Mastercard, EY, Facebook, Google, eftpos, IDEMIA, Regional Australia Bank and the Newcastle Permanent Building Society.

“We welcome RSM to our partnership program, which has gone from strength to strength over the past year, with each new member it becomes an even better offering for both companies and fintechs. FinTech Australia CEO Rebecca Schot-Guppy said.

“All the members of this program attended Intersekt last month and connected directly with thought-leaders and key founders in the ecosystem. This was one of our largest gatherings in the ecosystem to date, with over 700 delegates attending both in-person and virtually.”

“RSM’s services align very closely with the needs of the sector as it continues to raise capital and grow. We look forward to helping the company network and leverage its expertise on the key issues affecting the sector.”

RSM’s entry into the partnership program is an extension of the deep work the firm has been doing with the fintech industry.

“We have been advising clients at every stage of the lifecycle of a fintech start-up around Australia. Our fintech specialists are able to provide strategic and efficient solutions to navigate constantly evolving platforms and technologies as well as regulatory, tax and business issues that are unique to the industry,” RSM’s partner and national technology lead Andrew Sykes said. 

The FinTech Australia partnership program helps embed these companies within the fintech ecosystem and networks them with its key players.

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.

About RSM Australia: 

RSM Australia is an independent member firm of RSM which is the 6th largest professional services accounting and consulting organisation in the world. With this certification, RSM becomes the first mid-tier accounting firm in Australia to undergo this rigorous information security certification process encompassing all the business and corporate functions in the firm. 

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