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GPS extends fundraising round with another $100 million

Payment tech company Global Processing Services (GPS) said on Thursday that it had increased its latest fundraise by $100 million, taking the total raised in its latest round to $400 million. 

New investors included Singapore-based Temasek and US growth equity firm MissionOG. They joined Advent International — through Advent Tech and affiliate Sunley House Capital – and Viking Global Investors. 

GPS’s technology and partnership approach has helped scale some of the largest fintech firms, including Revolut, Curve, Starling Bank, Zilch, WeLab Bank, and Paidy, among others. The company has issued over 190 million physical and virtual cards, and last year processed more than 1.3 billion transactions, generating record revenues.

The news comes alongside a raft of other funding news announced this week. On Wednesday, Checkout.com revealed it had secured $1 billion in funding at a $40 billion valuation, making it one of Europe’s largest start ups. 

GPS said in a release that the money would be used to “further accelerate [its] growth trajectory,” expanding across Europe, APAC and MENA. 

Alongside the funding news, the company also announced that Gene Lockhart, former CEO and president of Mastercard International and founder of MissionOG, has been appointed its new chair.

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