The fintech trio of Global Processing Services (GPS), Elliptic and Trumid have all benefited from some useful funding.
Payment technology platform GPS raised over $300 million (£220 million) from Advent International and Viking Global Investors, who will co-control the company.
Cryptoasset risk management company Elliptic picked up $60 million (£44 million) in Series C funding.
While trading solution provider Trumid played it cool with an undisclosed investment from private equity firm Motive Partners.
GPS Stays True to its Name
GPS says its API-first payment technology platform enables card programmes for fintechs, digital challenger banks and embedded finance providers. Its platform has been used by Revolut, Curve, Starling Bank, Zilch, WeLab Bank and Paidy.
Through a single unified code base, GPS enables its customers and partners to launch card programmes across 48 countries across Europe, Asia and the Middle East, supported by integrations with over 95 issuers. To date, it has issued over 190 million physical and virtual cards, and last year processed more than 1.3 billion transactions on its cloud-based platform.
Joanne Dewar, Chief Executive Officer at GPS, comments: “This investment will allow us to turbo charge our geographic footprint and product expansion plans as we drive the payments ecosystem in the key verticals of today and tomorrow, including digital banking, buy now pay later, B2B virtual cards, financial empowerment, and much more.”
GPS has offices in London, Newcastle, Singapore, Sydney and Dubai.
It recently expanded into the Asia-Pacific through establishing a new regional centre of excellence in Singapore alongside a hub in Sydney.
GPS has also secured investment from Visa, a long-term partner of GPS, and established a new regional centre of excellence in the United Arab Emirates.
Ecstasy for Elliptic
The financing round for Elliptic was led by Evolution Equity Partners, alongside new investment from SoftBank Vision Fund 2. Existing investors AlbionVC, Digital Currency Group, Wells Fargo Strategic Capital, SBI Group, Octopus Ventures, SignalFire and Paladin Capital Group also participated.
The company offers services to traditional financial institutions, fintechs, crypto businesses and government agencies with a suite of compliance and investigative solutions built specifically for cryptoassets.
With the new investment, Elliptic plans research and development, investment in its global network and expansion of Elliptic’s team, particularly in the US.
Founded in 2013, Elliptic uses blockchain analytics for financial crime compliance and has built a crypto identity dataset for the market. According to the firm, two thirds of crypto volume worldwide is transacted on exchanges that use Elliptic.
Elliptic is headquartered in London with offices in New York, Singapore and Tokyo.
The Truth About Trumid
While the amount was unknown, other investors in the Trumid round included Point Break Capital Management, Senator Investment Group and Phase2 Partners alongside existing investors including Dragoneer Investment Group, TPG, DST Global, Singapore Exchange (SGX), and funds and accounts managed by BlackRock and T. Rowe Price Associates.
The capital from this financing will be used by Trumid to enhance its technology and expand its offering to include additional trading protocols, asset classes and geographies.
The firm offers a credit trading platform and says daily trading volumes on the Trumid platform have grown almost seven times higher than two years ago. In 2021, YTD average daily volume has increased 71% year-on-year.
Trumid recently announced electronic trading executive Bryan Harkins will join the company in a newly created role of Chief Revenue Officer. Harkins will oversee the firm’s sales organisation, with a focus on continuing business growth and leading Trumid’s protocol, product and geographic expansions.
The company is headquartered in New York but does business across the Asia Pacific, UK, Europe and the Middle East