U.K.'s Dunedin invests in tech for digital disruptors
U.K. private equity firm Dunedin says it has invested "a significant stake" in a £44 million (U.S. $58 million) funding round for Global Processing Services, which provides payment processing and technology for financial institutions, digital banks, challenger banks and fintechs.
Dunedin investment partners describe GPS as a market leader in establishing next-generation payment technology with clients such as Starling Bank, Revolut, Pockit, Volt Bank, Loot, Stocard, Glint, Osper and Curve.
“GPS is positively disrupting a multi-billion-pound industry and is well placed to continue leading the way following the rise of other highly successful fintech companies," Dunedin partner Oliver Bevan said in a Tuesday press release.
GPS represents "a significant opportunity for Dunedin to utilize its experience in taking U.K. companies with a technological edge and enabling them to shine on the international stage," Bevan added.
GPS was co-founded by entrepreneurs Tony Kerr and Craig Dewar and the company has 150 employees based in London and Newcastle. GPS provides a single, global integrated platform called GPS Apex, which powers the functions in next-generation fintech payment companies.
“The partnership with Dunedin is another important milestone for GPS and we look forward to working with them to take the next step on our exciting growth path," Kerr said in the release. "The investment will give us extra firepower to facilitate continued growth, strengthen our offering and expand our global footprint.”
Dunedin's investment in GPS marks the third financial services deal that it has completed in two years, following investments in Kingsbridge Financial Group and Alpha Financial Markets.