Global Processing Services reveal the UK FinTech investments
By Joy Dumasia
Global Processing Services (GPS) reveals the ongoing success of its customers and partners through their collective investment figures. Worldwide, GPS customers and partners have generated $12.53 billion of investment this year through venture capital (VC), private equity (PE) and mergers and acquisitions (M&A) activity. This accounts for more than a tenth (13%) of the reported $98 billion worth of investment the global FinTech industry has generated in the first half of the year.
Investments in GPS’ customers and partners totalled $11.96 billion in the UK alone, accounting for almost half (49%) of the UK FinTech industry’s staggering $24.5 billion investment reported for the same period.
Business expenses and prepaid card specialist Soldo and Buy Now Pay Later (BNPL) challenger Zilch reported significant raises throughout the month of $180 million and $110 million, respectively.
High-profile raises from the UK’s homegrown challenger banks have driven most investment activity, with Revolut raising $800 million of funding and Starling Bank generating $376 million. GPS’ payment processing services underpin both FinTechs. Payments platform Paysafe also completed a $9 billion dollar mega-merger with Foley Trasimene Acquisition Corp II this year.
Joanne Dewar, Chief Executive Officer at GPS, commented: “Following a turbulent 2020 for the world, these figures are a resoundingly positive sign of the resilience and huge opportunity in the global FinTech industry, with notable investor appetite pointing to exciting, continued evolution for the sector. We’re immensely proud to support our customers’ and partners’ impressive growth, powering the next generation of payments with our award-winning technology and as the trusted partner they can rely on as they expand their offerings across multiple market segments. The future of FinTech is most certainly global, and we are excited to help businesses of all sizes continue to deliver innovative payment experiences across the world.”
IBS Intelligence reported that Vacuumlabs had announced its partnership with Global Processing Services (GPS), the payments processor enabling Revolut, Starling Bank and Curve, among others.