The urgent need to fix the gaps in the global financial institutions that leave social protection under-funded, especially in low-income countries, is increasingly widely recognized. This article suggests that the Global Public Investment (GPI) approach offers an opportunity to provide a fresh start for social protection financing. GPI can enhance the building of universal social protection floors and systems, especially for the poorest countries. Including non-traditional donors and ensuring a fair decision-making process will secure higher levels of funding to build and strengthen universal social protection systems and floors to benefit those in need worldwide. This article analyzes how this approach could be effective whether the idea of a ‘Global Fund for Social Protection’ (GFSP), proposed to embody solidarity and responsibility in addressing profound gaps in social protection globally, operates independently from or is integrated into an already-existing intergovernmental organization.