Temasek joins $100m round in UK-based Global Processing Services

UK-based payments processor Global Processing Services (GPS) has raised $100 million from Singapore state investor Temasek and US-based growth equity firm MissionOG.

This brings the total amount raised in its latest round to $400 million, the company said in a statement. It previously raised $300 million in October last year in a round led by growth investors Advent International and Viking Global Investors.

GPS helps fintech firms like Revolut, Starling Bank, and Paidy process payments, and also offers a virtual card programme. The company claimed it has issued over 190 million physical and virtual cards to date, and processed more than 1.3 billion transactions last year, “generating record revenues.” 

It will use the fresh funds to expand across Europe, Asia-Pacific and the Middle East, as well as develop new products. GPS opened its Asia-Pacific headquarters in Singapore in 2019.

“The expertise that our new partners bring to GPS will be invaluable as we enter our next phase of geographic expansion and technology innovation,” said GPS’ chief executive Joanne Dewar.

Gene Lockhart, the chair and general partner of MissionOG, has also joined as the chair of GPS, the company said. 

GPS’ $100 million round comes a day after another payments company, Checkout.com, raised $1 billion in a Series D round at a giant $40 billion valuation from investors including Singapore’s sovereign wealth fund GIC. 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.