GPS Combines Legacy Finance and Agile Fintech in London-based Office Launch
Multi-award-winning issuer processor behind Revolut and Starling Bank selects Victoria House at the heart of London’s Knowledge Quarter to base its brand-new global headquarters
September 14th 2021 8:30 AM GMT
London, UK – 14 September 2021 – Leading issuer processor, Global Processing Services (GPS) today announces its partnership with flexible workplace provider, LABS, to lease 6,100 square feet of its Victoria House premises, in a move that’s set to symbolically bridge the gap between legacy financial services and the fintech leaders driving the next generation of payments.
Situated in the heart of Holborn, Victoria House has a rich history within the financial services industry, originally constructed as the headquarters for insurance and investments provider, Liverpool Victoria, and serving as its head office for over 60 years. Fast forward to 2021, and the building stands at the heart of London’s Knowledge Quarter, an area synonymous with fintech innovation and home to several GPS customers, including Curve. The move will position GPS at the convergence of the new and old of financial services, allowing it to strengthen relationships with clients, and continue its mission to deliver better financial services through new partnerships with tier 1 banks, established fintechs and up-and-coming start-ups alike.
GPS has a proven track record of powering cross-border propositions for fintechs around the globe, including enabling Revolut to reach over 16 million account holders across more than 35 international markets. It has also continued to grow its own customer base throughout Europe, the Middle East and Asia Pacific, serving leading challengers in their respective markets including WeLab Bank and Razer Fintech. Its focus is now on driving the next generation of payments to help drive better financial services across a wide variety of customer segments, including B2B payments, crypto, remittance, FX, lending and credit (including Buy Now Pay Later propositions), and more.
News of the move follows a period of significant and sustained growth for the global issuer processor; as businesses around the world shifted towards remote working, GPS pivoted its operations seamlessly, continuing to deliver an unparalleled level of support for its clients, processing over 1.3 billion transactions in 2020 despite the pandemic. As a result, the business was able to increase its headcount by 44% in 2021 alone, making strategic hires across its London, Newcastle, Dubai, Singapore and Sydney offices.
The move also represents a renewed commitment to the thriving global fintech scene in the face of the ongoing pandemic. As recent investment figures highlight, the opportunity for growth in global fintech is substantial, with investments surging to record highs in the first half of the year and GPS having played a vital role in this growth. Investments in GPS customers and partners totalled $12.53 billion across venture capital, private equity and mergers & acquisitions activity, which accounts for more than a tenth (13%) of the reported $98 billion worth of investment in the global fintech industry.
Joanne Dewar, Chief Executive Officer at GPS, comments: “It’s a hugely exciting time to be a part of the rapidly growing global fintech industry, and we are thrilled to have our UK headquarters based in the very heart of London’s world-class Knowledge Quarter, comprising 106 other dynamic organisations within just a one-mile radius, including some of the best and brightest minds in fintech. As we start to move back into a ‘new normal’ of blended working, the selection of the Victoria House offices and its unique architecture reflects GPS today – next-generation, high quality, trusted and proven. Remaining steadfast in our commitment to provide financial empowerment for everyone, we believe this move is an incredibly important one on that journey, allowing us to remain at the forefront of cutting-edge payments innovation.”
Annette Evans, VP People and Culture at GPS, adds: “GPS has always been a very progressive organisation when it comes to working practices, and we wanted this move to be a continuation of that legacy. The general consensus amongst GPS employees was that, whilst they enjoyed the flexibility that working from home afforded them, they missed the collaborative nature of an office space. Our new space at Victoria House was chosen to encourage idea-sharing, innovation and long-lasting working relationships.”
Matt Watts, Chief Commercial Officer at LABS, added: “As the fintech sector in London continues to grow, more companies are looking to differentiate themselves via their workspaces to ensure they remain competitive in the current landscape. Working closely with GPS to deliver a top tier, fully serviced offering that aligns with their specific business objectives is central to our approach at LABS. The result is a design-led, intuitive space that delivers an enhanced occupier, employee and client experience, while embodying the GPS brand. We look forward to developing our partnership with GPS to further support the company in its next stage of business growth.”