- PPRO — a global provider of local payments infrastructure — recently announced it raised over $180 million in funding. These are the details.
PPRO — a global provider of local payments infrastructure — recently announced it raised over $180 million in funding. The investors in this round include Eurazeo Growth, Sprints Capital, and Wellington Management. And this funding round comes only six months after the company raised $50 million from Sprints Capital as well as Citi Ventures and HPE Growth. Now PPRO’s valuation is over $1 billion.
In the cross-border payments space, PPRO has established itself as one of the most trusted as it powers international growth for payment service providers and platforms like Citi, Elavon, Mastercard Payment Gateway Services, Mollie, PayPal, and Worldpay. And PPRO’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 PPRO’s valuation is underscored by its rapid growth last year. And the company doubled its year-on-year transaction volumes in Q4 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. And the funding will fuel PPRO’s continued global expansion and support the development of its innovative border-free payment technology and services.
As e-commerce has been growing at a rapid pace, businesses have been pressed to offer seamless checkout experiences and locally preferred payment options. And 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 10x.
“I am very proud of what the PPRO team has accomplished. 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.”
— Simon Black, CEO of PPRO
“We are delighted to support Simon and the team at PPRO as they continue to develop best-in-class local payment solutions. 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.”
— Nathalie Kornhoff-Brüls, Managing Director at Eurazeo Growth
“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.”
— Voria Fattahi, Partner at Sprints Capital