Financial services giant, VISA, has acquired a minority stake in UK-based Global Processing Services (GPS). The terms of the deal are yet to be disclosed. No existing shareholders have exited as of yet.
VISA and payments issuer processor, GPS, have collaborated since 2013. GPS was even selected as VISA’s preferred issuer for the Asia-Pacific region.
GPS supports digital banks, fintech firms and e-wallet providers. It enables the brands to provide a more personalized user experience to cardholders.
GPS will channel the funds towards expansion, and building teams in the regions of Asia Pacific, Middle East and North Africa.
This is another milestone for GPS which is set to see its growth accelerate further following the deal.
The firm will soon launch its services across other regions as one of VISA’s preferred processors.
GPS is certified by both VISA and MasterCard to process and manage credit, debit, and prepaid card transactions globally.