The world’s top digital payments company, Visa, has taken a stake in leading UK payments issuer processor, Global Processing Services (GPS). The deal gives Visa a minority stake in GPS although the financial terms remain undisclosed and no shareholders exited.
GPS has been collaborating with Visa since 2013 and in 2019 was appointed Visa’s preferred issuer for the Asia-Pacific region. GPS supports fintechs, digital banks, and e-wallet providers and enables brands to provide personalized user experiences to cardholders.
The new funding will see GPS invest in building teams in the Asia Pacific and Middle East and North Africa regions.
The new development will accelerate GPS global expansion following successful launch of fintechs and digital banks in Europe and South East Asia such as Revolut and Starling Bank. GPS will be looking to build on these milestones to roll out its services across other regions as one of Visa’s preferred processors.
GPS is certified by VISA and MasterCard to process and manage credit, debit, and prepaid card transactions globally.