The Executive Interview Series provides readers with exclusive insights from movers and shakers in the payments industry. The payments industry is under continuous transformation. This series offers diverse perspectives on everything from strategy to payments technology and the industry’s future.
In this interview between KJ McConnell, Managing Director at GTCR, and TSG’s Morgan Murphy, KJ reflects on the strategic decisions, leadership principles, and market dynamics that shaped GTCR’s transformation of Worldpay and its subsequent $24B+ transaction involving Global Payments and FIS. He highlights the critical role of leadership and management excellence, and how targeted product and technology investment accelerates growth and strategic advantages.
Bio: KJ McConnell joined GTCR in 2014 and currently serves as a Managing Director. Previously, he worked at TPG Capital and in the Financial Institutions Group at Goldman Sachs. KJ holds an MBA from Harvard Business School, where he was a Baker Scholar, and a BS in finance with highest honors from the Indiana University Kelley School of Business. KJ is currently a Director of CAPTRUST, Cisive, Innovative Systems, and Ultimus Fund Solutions, and was previously a Director of GTCR investments in Convergex, Dash Financial Technology, Paya, RevSpring, and Worldpay. In addition, he played an instrumental role in GTCR’s past investments in The Townsend Group and Premium Credit Limited. Outside of work, KJ serves on the Board of Directors of Chicago Youth Centers, where he serves on the Finance Committee.
Q. Morgan M.
Global Payments Inc. recently completed its acquisition of Worldpay from FIS and GTCR. Looking across your career, what experiences have helped you recognize that this was the right moment to sell Worldpay? Were there earlier deals or moments that shaped how you approached this $24B+ transaction?
A. KJ M.
At GTCR, our ultimate goal is to improve a business and make it more strategic. To do that, we make decisions at our portfolio companies as if we will own them indefinitely. We can’t control if or when a large public company may be interested in what we are building, but we are ready to be opportunistic when a strategic buyer recognizes the quality of what we’ve built. In the case of Worldpay, Global Payments’ interest reflected the strength of the platform, its best-in-class management team, and the transformation achieved, making this the right moment to pursue this transaction.
Q. Morgan M.
What core leadership principles have guided your decision-making over the years, and how did they influence your view of the global growth potential behind this combined Worldpay–Global Payments platform?
A. KJ M.
People matter. At the core of GTCR’s Leaders StrategyTM is the belief that working with exceptional management teams is fundamental to building high quality businesses. Our conviction around investing in Worldpay was driven by our strong track record in payments investments and our partnership with CEO Charles Drucker. We were aligned with Charles on the importance of assembling a world-class management team, which we were able to do quickly. Getting that right early created momentum and drove the transformation we were able to achieve in a relatively short time.
Q. Morgan M.
What should the payments industry expect to see from the combined entity over the next year?
A. KJ M.
We are large owners and supporters of Global Payments but do not have an active role in the company going forward. We have immense confidence in the combined management team’s ability to capitalize on the complementary nature of the business and continue investing in the people, product, and technology that drove Worldpay’s success under our ownership.
Q. Morgan M.
How did factors like the three-way transaction structure and GTCR retaining 15% ownership influence your conviction in the combined business?
A. KJ M.
This deal would not have happened without the shared vision and collaborative partnership among FIS, Global Payments, and Worldpay. All parties were focused on achieving a win-win-win outcome, and it’s unique for a transaction of this complexity to play out as well as it did. For GTCR, continuing to own a large portion of the combined company made the transaction even more compelling. We believe the strategic rationale and combined scale are differentiated and should create substantial value for shareholders. We are excited to participate in that upside.
Q. Morgan M.
In a 2025 interview with Bloomberg’s Matt Monks, you mentioned that the trajectory of Worldpay is far different now from what it was when GTCR bought it from FIS. Which contributors to this growth stand out most from your perspective?
A. KJ M.
I mentioned this already, but the biggest factor was management. As an independent company, Worldpay was able to attract experienced payments veterans and innovative leaders who made the critical difference in driving transformational growth. We and management prioritized investment in product and technology modernization, which wasn’t always possible as part of a larger, more diversified business. GTCR has a long history of successful carve-outs — the ability to prioritize and invest differently as an independent company is always a key unlock of value.
Q. Morgan M.
The combined entity now processes massive global volume. How do you see scale shaping competitive advantage in the payments ecosystem over the next 3–5 years?
A. KJ M.
In any industry, scale can drive many advantages. The combined global footprint will allow Global Payments to be a critical partner to large enterprise customers looking to expand internationally. Another key advantage we see is the combined expertise of the team and capital resources Global Payments now has to invest in new products that improve the value delivered to customers. Global Payments is one of the few payments technology platforms with the firepower to invest meaningfully in the next wave of payments innovation in areas like agentic commerce, for example.
Q. Morgan M.
How should smaller or mid‑market payments providers interpret this deal in terms of competitive pressure or partnership opportunities, or both?
A. KJ M.
Every person, business, non-profit, and government needs payments solutions, which makes the space ubiquitous and continuously benefiting from a rising tide. There are also constantly changing regulations, technologies, and consumer preferences that providers must be responsive to. Because of this inherent dynamism, there is always room for smaller and mid-market players to innovate and grow, which in turn pushes larger, scaled players to continuously improve. You can’t sit still in payments, and that creates better outcomes for consumers and merchants, as well as investment opportunities for firms like GTCR.
Q. Morgan M.
Across technology, global expansion, commercial distribution, and product integration, where do you see the clearest opportunities for synergy between Global Payments and Worldpay?
A. KJ M.
All of those areas are opportunities, and I know the teams have already done significant preparatory work to capture those synergies. That said, as an investor in Global Payments, I’m even more excited about the complementary nature of the combination. Worldpay excels as a global enterprise and Global Payments has great SMB capabilities. Together, the combined business will be uniquely positioned to serve merchants of any size globally.
Q. Morgan M.
How does this transaction reposition the company within the broader global payments landscape?
A. KJ M.
I’ve touched on this a bit, but payments is a highly dynamic space, and long-term success requires continuous investment in products that deliver more value to customers. With its people, scale, and resources, Global Payments is as well positioned as anyone in the industry to make those investments and lead the next wave of innovation.
Q. Morgan M.
From GTCR’s perspective, what positioned Worldpay to drive value at this scale, and how does the Global Payments partnership accelerate that thesis?
A. KJ M.
The fastest growing companies in the payments industry do a great job of focusing on narrow swim lanes — whether that’s eCommerce, integrated software, BNPL, account to account, etc. At Worldpay’s scale, you inherently operate across a mix of higher- and lower-growth segments. What Charles and the team have done exceptionally well is leaning into the higher-growth segments while simultaneously improving execution in the more mature segments. A great example is Worldpay’s acquisition of Ravelin in fraud technology, which meaningfully enhanced our eCommerce offerings. I believe that same approach can further accelerate growth at Global Payments.