GPS provides issuer processing for 100-plus clients, including Starling Bank, Revolut, Pockit, Volt Bank, Loot, Stocard, Glint, Osper and Curve.

The investment will see Dunedin acquire a significant stake in the business.

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

It currently has around 150 employees based in London and Newcastle.

Oliver Bevan, partner at Dunedin (pictured above), who will sit on the board alongside Dougal Bennett, also a partner, said that GPS was positively disrupting a multi-billion-pound industry and was well placed to continue leading the way following the rise of other highly successful fintech 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.”

Tony added: “The partnership with Dunedin is another important milestone for GPS and we look forward to working with them to take the next step on our exciting growth path.

“The investment will give us extra firepower to facilitate continued growth, strengthen our offering and expand our global footprint.”