Edinburgh and London-based private equity firm Dunedin has invested in the £44 million funding of Global Processing Services (GPS), the global payments processor and tech firm behind digital banks, challenger banks, fin-techs and financial institutions.

GPS enables next generation payment technology with more than 100 clients including Starling Bank, Revolut, Pockit, Volt Bank, Loot, Stocard, Glint, Osper and Curve.

The deal is the UK’s third-largest fintech financing in 2018 and sees Dunedin taking a significant stake in the business.

GPS was co-founded by entrepreneurs Tony Kerr and Craig Dewar and is led by a team comprising Joanne Dewar and Suresh Vaghjiani.

The firm has about 150 employees based in London and Newcastle.

Oliver Bevan, partner at Dunedin, who will sit on the board alongside Dougal Bennett, partner, said: “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 fin-tech companies.

“We are really excited to be investing in GPS which represents a significant opportunity for Dunedin to utilise its experience in taking UK companies with a technological edge and enabling them to shine on the international stage.

“We will support the management team and founders to help GPS to become a truly global leader in this niche market.”