Based out of London, PPRO is a fintech provider of local payment infrastructure for online commerce. Recently, PPRO has secured $180 million (approx £132 million) in new investment from investors including Eurazeo Growth, Sprints Capital, and Wellington Management.
This funding round comes six months after the company raised $50 million (approx £36.7 million) from Sprints Capital, Citi Ventures, and HPE Growth. Post the funding, the UK company values around $1 billion.
The funding will fuel PPRO’s continued global expansion and support the development of its innovative border-free payment technology and services.
Offers local payment infrastructure
Founded in 2006 by Philipp Bock, Philipp Nieland, and Tobias Schreyer, PPRO helps consumers pay with the local payment method they trust and know.
The company’s local payments platform and expert services help its customers get the industry’s best conversion rates in markets around the world by allowing online shoppers to pay with their preferred payment method.
The company has powered international growth for payment service providers and platforms such as Citi, Elavon, Mastercard Payment Gateway Services, Mollie, PayPal, and Worldpay.
Doubled YoY transaction, new partnership, and more
PPRO doubled its year-on-year transaction volumes in the fourth quarter of 2020, expanded its global team by 60% in the last twelve months, and developed new strategic partnerships with local payment methods in high-growth markets like Indonesia and Singapore.
“I am very proud of what the PPRO team has accomplished,” said Simon Black, CEO of PPRO. “Beyond securing the support of such prestigious investors and achieving a milestone valuation, we’ve enabled our customers to grow at record numbers during what has been a tough time for many. By giving businesses the ability to offer payment choice, we’ve helped give people around the world better access to goods and services that improve their lives.”
“Our unique local payments infrastructure empowers our customers to quickly increase their global footprint. This investment will help us deliver the highest performance possible for companies leading the global payments industry,” continued Black.
Reduce operational cost
PPRO’s technology allows payment services providers and enterprises with payment platforms to plug in via simple APIs and offload the intricate complexities and massive costs of providing payment method choice to local consumers.
The company’s singular focus on local payment methods helps its customers rapidly speed up time to market and reduce operational costs up to 10 times.
“We are delighted to support Simon and the team at PPRO as they continue to develop best-in-class local payment solutions,” commented Nathalie Kornhoff-Brüls, Managing Director at Eurazeo Growth. “All signs for the future indicate that digital commerce, and even more so cross-border commerce, will continue to grow exponentially while innovation in payment methods remains strong. As a result, facilitating local payments is becoming increasingly complex. Payment service providers, however, no longer have a choice as merchants and their customers are pushing for the adoption.”
“PPRO has proven to be the go-to problem solver in this area, providing the local payments technology and expertise that the world’s biggest payment players rely on. Our investment reflects our confidence in the growth potential for PPRO and we’re excited to support PPRO and its team on their journey,” added Voria Fattahi, Partner at Sprints Capital.
The post London-based payment fintech PPRO becomes unicorn as it secures £132M funding appeared first on UKTN (UK Tech News).
