Global payment technology platform Global Processing Services (GPS) partnered with Mastercard to launch card programs for FinTechs in Europe and Asia-Pacific, including Revolut, Starling Bank and Curve, according to a Wednesday (March 23) press release.
GPS secured more than $400 million in capital from investors, including Advent International (through Advent Tech and affiliate Sunley House Capital-Viking Global Investors), Singapore global investment platform Temasek and U.S.-based growth equity firm MissionOG.
Global Processing Services will use the money to invest in international expansion and product development and target new verticals, including digital banks, cryptocurrency, buy now, pay later (BNPL), open banking and cross-border payments. Mastercard said the move toward these spaces led them to partner with GPS.
“We are excited to be formalizing our partnership with GPS, working with them to build the FinTechs of the future,” said Jason Lane, Mastercard’s EVP of market development in Europe, in the joint press release.
“Mastercard has a long history of partnering with FinTechs, ensuring we have the programs, products and tools that every innovative financial company needs even as the sector continues to evolve,” he said.
In October, GPS announced it had raised more than $300 million through a strategic investment from its long-term partner Visa one year earlier.
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