Payment infrastructure fintech PPRO scoops £132m in fresh funding
In the last 12 months, PPRO has doubled its year-on-year transaction volumes and expanded its team by 60 per cent.
London-based payment infrastructure provider PPRO has received a £132m investment and secured its position as the newest unicorn in the UK fintech scene.
The fresh funding came from investors such as Eurazeo Growth, Sprint Capital, which has invested in Revolut, Groupon and Hello Fresh, and Wellington Management.
PPRO plans to use the funding to continue its global expansion and support the development of its cross-border payment technology and services.
Simon Black, CEO of PPRO, said: “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. This investment will help us deliver the highest performance possible for companies leading the global payments industry.”
By connecting to PPRO’s platform via simple APIs, firms can reduce the cost of providing payment solutions to local customers.
Nathalie Kornhoff-Brüls, managing director at Eurazeo Growth, added: “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.”
In the past year and due to the Covid-19-related e-commerce boom, PPRO doubled its year-on-year transaction volumes and grew its global team by 60 per cent.
PPRO’s latest raise comes just six months after the firm closed a £36.7m funding round from Sprints Capital, Citi Ventures and HPE Growth.