Revolut sticks with GPS as it plans APAC launch
Revolut has selected Global Processing Services (GPS) as the payment processor for its upcoming expansion in the APAC region, include launches in New Zealand, Singapore and Japan.
"Over the past years, GPS has been highly valued for our continued investment in our clients and partners, supporting them from the new product design phase to scaling up and launching into new territories," said managing director at GPS, Suresh Vaghjiani.
"It is rewarding to see that our payment technology is powering many of the newly launched startups, to that of established Fintechs such as Revolut."
Revolut passed its one million user milestone in November 2017, and also announced that it had facilitated more than $6 trillion in transactions since its inception.
Half of Revolut's existing customer base reside in the UK, with 150,000 users based in France, 60,000 in the Baltics and 50,000 across Germany and Ireland. 42% of the firm's customers are aged 25-35.
GPS is the payments processor behind a number of neo-banks and fintechs in the industry. Monzo, Loot, Curve and Revolut all use its services.
At the beginning of March, Loot, Revolut, Curve and Monzo all went down due to an issue with the processor, as reported by Business Insider.
Monzo has been planning to build its own in-house payment processor platform to support its current accounts.
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by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com