PPRO, the local payments platform, has completed a dual-tranche funding round totalling €85m (US$92.8m).
The fintech aims to use this funding to pursue its growth aims in key markets and enhance its global network of local payment methods.
Fresh funding in PPRO comes from new and existing investors, including Eurazeo, HPE Growth, Sprints, PayPal Ventures, JPMorgan, Citi Ventures, and funds backed and managed by BlackRock.
PPRO: Scaling growth in key markets
Indeed, PPRO’s latest funding comes after it achieved record revenue in 2023, and now, it is looking to capitalise on its success to achieve further growth.
“Our focus on helping customers access new markets by creating seamless local payment experiences is validated by the strong demand we’re seeing, as well as by this infusion of capital which represents a real vote of confidence in PPRO’s growth prospects,” says PPRO Chief Financial Officer, Rahul Raswant.
Founded in 2006, the UK-based fintech is dedicated to facilitating local payment methods for consumers through its integrated platform.
In its time, PPRO has helped the success of its leading investors, providing cross-border payment tools to the likes of PayPal and Citi.
The company saw its growth skyrocket in 2021 when it reached unicorn status after a US$180m burst of investment. Now, PPRO will look to continue its upward march.
Managing Director of Growth at lead investor Eurazeo, Anne-Charlotte Philbert, adds: “PPRO has set itself apart as a leader in the payments industry and is at the forefront of enabling businesses to sell goods and services to anyone in the world using their preferred way to pay.
“The company combines distinctive technology and robust financial performance with an exceptional management team and is firmly on track to reach profitability.
“We are more enthusiastic than ever to continue our support of PPRO’s mission to simplify access to local payment methods.”
Of course, cross-border payment networks have been scaling alongside the growth of real-time payments (RTP), with regulated RTP networks like the US Federal Reserve’s FedNow service supporting a new culture of local, instant payment networks.
Just recently, Jefferson Bank partnered with Finastra to offer RTP services, including RTP The Clearing House and FedNow.
Now, PPRO will hope to scale its own partnerships as it increases its market reach.
Managing Partner at PayPal Ventures, James Loftus, concludes: “Since our first investment in 2018, PPRO has grown its market reach and prominence in the constantly evolving payments space.
“PayPal values our partnership with PPRO and we are proud to be part of its journey.”
