PriestleySoundy advises Senior Management Team of Global Processing Services

PriestleySoundy advised Joanne Dewar (CEO) and her Senior Management Team in connection with the closing and upsizing of the latest fundraising of over $400 million by Global Processing Services (GPS).

The investment was co-led by growth investors Advent International (through Advent Tech and affiliate Sunley House Capital) and Viking Global Investors.  Temasek, the global investment company headquartered in Singapore, and MissionOG, a US-based growth equity firm, joined the fund-raising.  Concurrent with the fund-raising, Gene Lockhart, the former CEO and President of Mastercard International, has been appointed Chair.

GPS is the trusted, award-winning and go-to payment technology platform, which enables innovative card programmes for the world’s leading fintechs, digital challenger banks and embedded finance providers.  GPS has issued millions of physical and virtual cards, enabled in over 48 countries, and processes billions of transactions on its API-first cloud-based platform.  GPS’ technology and partnership approach has helped scale some of the most successful disruptive fintechs around the world, including Revolut, Curve, Starling Bank, Zilch, WeLab Bank and Paidy.

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors.  The firm has invested in over 380 private equity investments across 42 countries, and (as of 30th September 2021) had $86 billion in assets under management.

Founded in 1999, Viking is a global investment management firm that manages approximately $48 billion of capital for its investors.

Advent International and Viking received legal advice from Kirkland & Ellis.  The GPS selling shareholders received legal advice from Orrick.

13 January 2022