GPS is helping to disrupt a multi-billion-pound industry and is well positioned to take advantage of the continuing rise of highly successful fintech payments companies around the world. We are supporting the management team to help GPS become a truly global leader in this niche payments market.
GPS has demonstrated rapid growth, driven by market and customer demand for its market leading technical functionality and speed in getting customers’ new payment and banking products to market. The addressable international market for GPS is large, serving innovative and emerging fintech/challenger bank offerings and gaining traction with traditional providers.
We were attracted to GPS as we saw a significant opportunity to apply our experience of enabling UK companies with a technological edge to shine on the international stage. We are working with GPS to increase their client portfolio and grow the client base internationally. This includes building the sales and marketing function, looking at innovative client offerings, enhanced functionality and developing new product offerings for larger established banks without the challenge of overhauling legacy systems.
To prepare for this growth we have already recruited a strong Chairman and Finance Director to the GPS team.
The founders of GPS attended our annual investor and investee meeting at Gleneagles before they formally selected us. This allowed them to get a deeper understanding of how we work and to meet the wider Dunedin team, thus cementing a very strong working relationship.
The electronic payments market is well established, global and forecast to continue evolving and growing. GPS has seen its revenue grow from £1m in 2014 to £9.9m in 2017 and in the same period employee numbers have increased from 49 to 110. This impressive growth rate is being driven by client acquisition, retention and underlying client growth. There are also significant growth opportunities to pursue in new geographies, specifically in Asia, the Middle East, LATAM and North America.
Joanne Dewar, Chief Executive Officer, Global Processing Services