Cost expertise platform International Processing Companies (GPS) introduced the closing and upsizing of its newest fundraise at over US$400 million.
International funding firm Temasek and MissionOG, a US-based progress fairness agency, joined the over US$300 million preliminary spherical, co-led by progress traders Creation Worldwide – by means of Creation Tech and affiliate Sunley Home Capital – and Viking International Buyers.
The extra funding and strategic assist from the brand new traders will likely be used to additional speed up GPS’ progress trajectory.
GPS additionally plans to answer buyer demand by increasing internationally throughout Europe, APAC and MENA, and speed up new product and expertise developments.
By way of GPS’ subsequent era cloud platform, its prospects and companions can design, launch, handle and scale card programmes throughout 48 nations.
So far, GPS has issued over 190 million bodily and digital playing cards, and final yr processed greater than 1.3 billion transactions, producing report revenues.
Concurrent with the funding closing, Gene Lockhart, Chair and Normal Associate of MissionOG, has been named as the brand new Chair of GPS.
A seasoned investor, achieved senior government, and revered funds innovator, Gene has vital operational and funding expertise throughout the monetary providers and funds industries.
Gene’s prior management roles embrace serving because the President and CEO of MasterCard Worldwide, and serving as a board member of corporations together with NuBank and First Republic Financial institution, amongst many others.
Gene Lockhart, Chair, at GPS mentioned,
“GPS is an progressive expertise firm, and we consider their distinctive place on the coronary heart of the worldwide funds ecosystem ideally positions them to energy the following era of economic providers.
With the deep community and expertise MissionOG brings to the desk, we look ahead to being a trusted and valued associate of Joanne and your complete staff.”