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
At least four fintech startups that offer payment cards linked to apps went down on Sunday when a company that helps them all process payments was hit by a technical glitch. App-only bank Monzo, money management startup Loot, all-in-one card Curve, and foreign exchange card provider Revolut all warned customers on Sunday that payments were failing on its network after a problem with a partner. 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.
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