PPRO reaches $1bn valuation on back of $180m venture raise
Payments infrastructure firm, PPRO, has raised $180 million in a Venture round from a group of investors.
Among those backing PPRO are Eurazeo Growth, Sprints Capital, and Wellington Management. The round brings PPRO’s valuation above $1 billion.
The fresh funding arrives six months after the firm raised $50 million from Sprints Capital, Citi Ventures, and HPE Growth.
PPRO says its new raise and valuation represent “rapid growth” over the past year. It says it has doubled year-on-year transaction volumes and expanded its staff by 60%.
The firm claims that it processed over $11 billion for its customers in 2020.
The $180 million is to fuel “global expansion” and support the development of the PPRO’s payments technology and services.
Simon Black, CEO of PPRO, says he’s proud of what his firm has achieved.
“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.”
PPRO has a series of partnerships across the market. In 2019 it signed a partnership with Singaporean firm, GrabPay, and won a deal with investor Citi in its treasury and trade operations.
In February 2020, PPRO nabbed a deal with UnionPay to become a direct acquirer for the Chinese firm.
“Our unique local payments infrastructure empowers our customers to quickly increase their global footprint,” adds Black.
“This investment will help us deliver the highest performance possible for companies leading the global payments industry.”
Related: China’s Ant Financial buys small stake in Swedish unicorn Klarna
