Some of the UK's hottest fintech startups went down on Sunday -- here's why

Gareth Jones

March 10, 2017

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Gareth Jones

uk
payments

They were all hit by the same glitch at Global Processing Services (GPS), a Dubai-based firm that helps firms like Monzo, Revolut, Curve and Loot process payments on their cards. Monzo now plans to build its own processor.

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Business Insider understands that the partner in question is Global Processing Services (GPS), a Dubai-based company that sits between the startups and the MasterCard network to help them process payments made on all their cards. A source says that GPS was hit by a technical glitch that needed emergency work to fix. GPS did not respond to BI’s emailed request for comment at the time of publication. The startups began experiencing problems at 9.45 a.m. GMT (4.45 a.m. ET) on Sunday morning and full service was not restored until the early hours of Monday morning, BI understands.

https://www.businessinsider.com.au/why-monzo-revolut-loot-and-curve-went-down-on-sunday-march-5-2017-3