Dunedin invests in £44m funding of GPS
Dunedin has invested in the £44 million funding of Global Processing Services. The deal is the UK’s 3rd largest FinTech financing in 2018.
Dunedin has invested in the £44 million funding of Global Processing Services (GPS), the global payments processor and tech powerhouse behind the most exciting digital banks, challenger banks, FinTechs and Financial iInstitutions. GPS is the market leader in issuer processing, enabling next generation payment technology with 100+ clients including Starling Bank, Revolut, Pockit, Volt Bank, Loot, Stocard, Glint, Osper and Curve.
The deal is the UK’s 3rd largest FinTech financing in 2018 and Dunedin will take a significant stake in the business.
GPS was co-founded by entrepreneurs Tony Kerr & Craig Dewar and is led by a strong team comprising Joanne Dewar and Suresh Vaghjiani. The Company has circa 150 employees based in London and Newcastle. GPS provides a single, global integrated platform, GPS Apex, that powers and enables functionality of next generation Fin-tech payment companies.
Dunedin has a proven track record of growing profitable UK companies and helping them to internationalise. It sees significant 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 Board alongside Dougal Bennett, Partner, 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, Managing Director at GPS commented: “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.”