PPRO, a payments as a service provider based in London, has raised $180 million in financing led by Eurazeo Growth, Sprints, Wellington, and “one of the world’s largest asset managers” who remains unnamed. This most recent funding round arrives after six months when the company raised $50 million from Sprints Capital as well as Citi Ventures and HPE Growth. PPRO’s valuation is now said to be more than $1 billion.
PPRO provides payments infrastructure to big names like Citi, Elavon, Mastercard PGS, Mollie, PayPal, Worldpay, and more.
PPRO reports rapid growth last year when it doubled its year-on-year transaction volumes in the fourth quarter of 2020 while commencing new partnerships with local payment methods in markets like Indonesia and Singapore.
Simon Black, CEO of PPRO, said he was very proud of what his 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.”
FT Partners acted as the exclusive financial and strategic advisor on the deal as it did in the earlier funding round. The boutique Fintech firm said the financing round highlights the exponential opportunities for cross-border e-commerce amidst the Covid-19 pandemic
PPRO is said to be developing new strategic partnerships with local payment methods in APAC and LatAm markets. PPRO has recently entered the Indonesian market and integrated with e-wallet leaders Doku and Ovo, tapping on Southeast Asia’s largest e-commerce market
Significance of Transaction