Payments firm PPRO becomes unicorn
Posted on January 20, 2021 by Jonathan Symcox
PPRO is now valued at more than $1 billion following a £132 million funding round.
The London firm, a global provider of local payments infrastructure, has been backed by Eurazeo Growth, Sprints Capital and Wellington Management.
Just six months ago the company raised $50m from Sprints Capital, Citi Ventures and HPE Growth.
PPRO powers cross-border payments for providers and platforms including Citi, Elavon, Mastercard Payment Gateway Services, Mollie, PayPal and Worldpay.
Its local payments platform and services find the best conversion rates in markets around the world by allowing online shoppers to pay with their preferred payment method.
PPRO doubled its year-on-year transaction volumes in the fourth quarter of 2020 and has expanded its global team by 60 per cent in the last 12 months.
“I am very proud of what the PPRO team has accomplished,” said Simon Black, CEO of PPRO.
“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.”
As eCommerce continues to grow at an unprecedented pace, businesses are being pressed to offer seamless checkout experiences and locally preferred payment options. PPRO’s technology allows payment services 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.
The company’s singular focus on local payment methods helps its customers rapidly speed up time to market and reduce operational costs up to 10 times.
“We are delighted to support Simon and the team at PPRO as they continue to develop best-in-class local payment solutions,” commented Nathalie Kornhoff-Brüls, Managing Director at Eurazeo Growth.
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.”