GPS adds $100 million to funding round; Lockhart takes on chairmanship

Global Processing Services, the payment processor behind a host of challenger bank startups, including Revolut and Starling, has topped up its recent $300 million funding round with an additional $100 million equity investment from Singapore’s Temasek and US-based VC MissionOG.

GPS has to-date issued over 190 million physical and virtual cards and last year processed over 1.3 billion transactions on its API-first cloud-based platform.

As part of the closing of the new funding, seasoned payments executive Gene Lockhart, chair and general partner of MissionOG, has been named as the new chair of GPS. Lockhart’s prior leadership roles include serving as the president and CEO of MasterCard International, and as a board member of companies including NuBank and First Republic Bank.

Joanne Dewar, chief executive officer at GPS, says: “The upsizing of this latest round of investment is an important step forward for the company and a strong endorsement of our strategy. We are a company that has grown rapidly in recent years, driven by our commitment to innovation and the delivery of a single scalable technology platform. The expertise that our new partners bring to GPS will be invaluable as we enter our next phase of geographic expansion and technology innovation.”