Local payments platform PPRO has completed a dual tranche funding round totalling £73 million to pursue growth in key markets.
Stripe, PayPal and J.P. Morgan are just some of the names that work with London-based PPRO to accelerate their roadmaps, boost their conversions, and eliminate the complexities of local payments.
The London firm is led by Motie Bring (pictured), who was appointed to the position in September 2023 mere months after joining as chief commercial officer.
Last month it added Eelco Dettingmeijer as CCO and Mariette Ferreira as chief marketing officer as it gears up for growth.
The funding is provided by new and existing investors, including Eurazeo, HPE Growth, Sprints, PayPal Ventures, J.P. Morgan, Citi Ventures, and funds managed by BlackRock.
In the last financial accounts published by the firm – the 12 months to 31st December 2022 – PPRO reported revenue of £56m and losses of £19.4m.
“PPRO had a stellar 2023, delivering record revenue.” said Rahul Raswant, CFO. “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.”
Anne-Charlotte Philbert, managing director – growth at Eurazeo, added: “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, 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.”
James Loftus, managing partner at PayPal Ventures, added: “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.”