PPRO, the London-based fintech company, that provides local payment infrastructure for online commerce, has raised an additional $90M (approx €76.35M) in a funding round from JPMorgan Chase and Eldridge.
This investment is an extension of the company’s recent fundraising of $180M (approx €148.5M) from Eurazeo Growth, Sprints Capital, and Wellington Management.
In the January round, PPRO achieved unicorn status by being valued at over $1B.
The round enabled the company to accelerate its continued global expansion and support the development of its border-free payment technology and services.
In a press release, the company mentions that it has seen rapid growth in the recent e-commerce boom, doubling its transaction volumes and increasing its global team by over 60 per cent in 2020.
Simon Black, CEO of PPRO, says, “I’m delighted to welcome JPMorgan Chase and Eldridge to our world-class group of investors as we continue to strengthen and expand our local and alternative payment capabilities.”
PPRO has been focusing on its global expansion for the past year. In March, the company expanded its services to Italy, which it claimed has a $30B business-to-consumer e-commerce market. And in September 2020, the company expanded to include Indonesian payment methods Doku and OVO.
Black says, “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.”
Companies use PPRO’s platform, expert services, and local payment methods to boost sales in over 100 e-commerce markets worldwide. In 2020 alone, PPRO processed over $11B for its customers, including companies such as Mollie, PayPal, Worldpay, among others. The company employs over 300 people globally.
The company was founded in 2006 by Philipp Bock, Philipp Nieland, and Tobias Schreyer. Led by CEO Simon Black since 2015, PPRO’s local payments platform and expert services help its users to get the industry’s best conversion rates in markets globally by allowing online shoppers to pay with their preferred payment method.
The company’s technology allows payment service 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.
PPRO claims, its local payment methods help customers rapidly speed up time to market and reduce operational costs up to 10 times.
In addition, PPRO also offers e-money issuing programs for consumers and corporate. They are FCA licensed to issue e-money as they continue to strengthen their links with alternative payment method schemes and banks around the world.
PPRO claims to have established itself as a trusted infrastructure provider in the cross-border payments space powering international growth for payment service providers and platforms.
In June 2020, PPRO announced direct integration with Paysafecash. With this integration, Paysafecash will be available for 24 markets, including the Czech Republic, Greece, Hungary, Romania, and other markets where cash remains a preferred payment method. Payment service providers (PSPs) and their merchants who partner with PPRO get easy access to consumers in over 175 e-commerce markets through just one API and one contract.
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