News Article

Making Headlines - January Edition

As the trusted and proven PayTech Pioneer™ uniquely focused on supporting the growth journeys of our customers, nothing gets us more excited than when we see our customers and partners dominating the news agenda 🚀   

Each month we bring you the only news round-up for fintech, payments and banking that you need - our Making Headlines update. Stay ahead and hear the highlights from Global Processing Service, our customers, and partners.   

Our headlines📢 

🚀 We’re thrilled to announce that Global Processing Services has closed our latest fundraise at more than $400 million. We upsized our funding round by approximately US$100 million with participation of Temasek and MissionOG, following lead investment from Advent International and Viking Global. 📈 You can read more here  

 🎉Industry titan Gene Lockhart, former CEO and President of Mastercard International has been appointed Chairman of the GPS Board.  

🌳GPS is a founding member of a new Sustainable Fintech Alliance in MENA. The MENA Fintech Association's group aims to help drive financial innovation to support MENA countries in achieving their Net Zero pledges. Discover more. 

📈 At the start of 2022, we’re proud to say GPS reported record revenues and processing volumes in 2021, and next on our roadmap is expanding operations across Europe, Asia-Pacific and the Middle East and North Africa. 

👀️Watch our experts.  

📢Hear our CEO, Joanne Dewar sharing her expert knowledge with 11FS on their podcast Decoding: Banks. You can see all 11 episodes in the series right now.  

Growth 🚀  

🚀 GPS customer Revolut, who have more than 18 million customers worldwide, has expanded their US offering and launched stock trading in January with over 1,100 securities, including more than 200 exchange-traded funds on the NYSE and NASDAQ. 

They’re also announcing they will bring Google Pay to Revolut Junior customers across the UK and EEA.  

Tara Massoudi, Head of Product for Revolut Junior said: "Customer desires drive most of Revolut's product development and this is no exception. Our research shows that young people have a strong preference for digital wallets.” 

🦄🦄We’ve been with double unicorn BNPL, Zilch, as they’ve been on their growth journey – and they’re not stopping! With 1.7 million customers across the UK, they’re now preparing to launch a BNPL digital payment card across Europe. Customers can pay at any merchants that accepts MasterCard – one of our GPS partners. Its currently available in the UK, but this could accelerate Zilch’s growth even further. 

Funding 💸  

🚀 Soldo, Europe’s leading spend-management platform, who connect smart company cards to management tools to control, track and report spending, recently invested €15m to grow its staff count in Dublin.  

💸Long-standing GPS customer Starling Bank had a fantastic 2021 - they raised a further £322 million and now have a valuation in excess of £1 billion. They're now launching their Software as a Service (SaaS) proposition.  

 Innovation 💡 

💳 Mastercard is launching Mastercard Track Instant Pay, a virtual card to authorise a payment straightaway to a supplier once they submit an invoice, by utilising machine learning and straight-through processing. 

Global expansion 🌎 

🛣️ Modulr, the payments platform for digital businesses, has secured a licence as an Electronic Money Institution from De Nederlandsche Bank (DNB). This is another mark in their growth journey, as they doubled their lifetime payment value and volumes in 2021.  

📈 Our New Zealand customer, Buy now pay later (BNPL) LayBuy has revealed a 70% increase in revenue in the last three months. It has passed NZ$1.1 billion (£540m) annual revenue and has adding 2,000 new merchants in the third quarter from GAP to Timberland, to River Island. 

Gary Rohloff, chief executive of LayBuy, explained: “We’ve had a stellar third quarter driven by growth in the UK, which continues to go to plan. The UK really is our growth engine.” 

Partnerships 🤝 

💸 Cryptocurrency exchange has extended its cooperation with leading specialised payments platform, Paysafe. Now customers in Europe who want to use cash online can use Paysafecash to add cash into their fiat account.   

📱GPS partner Nium, headquartered in Singapore, have over 130 million end customers and have announced a partnership with FINCI. It means FINCI can provide quicker and more cost-effective pay-outs to key markets in Europe and APAC. 

Frederick Crosby, Chief Revenue Officer at Nium explains: “Empowering young businesses with global reach and helping them build their footprint internationally is our main goal at Nium...”