PPRO boosts unicorn round up to $270m with JP Morgan
PPRO, a London-based payments infrastructure provider, has landed another $90 million with the help of JP Morgan and US holding firm Eldridge.
The fresh capital raise takes the start-up’s $180 million January funding round – which provided PPRO’s unicorn status – to $270 million.
Investors who joined the round two months ago include Eurazeo Growth, Sprints Capital, and Wellington Management.
PPRO CEO Simon Black
This year’s funding arrives around six months after PPRO raised $50 million from Sprints Capital, Citi Ventures, and HPE Growth.
Seeing double
As a result of the pandemic induced e-commerce boom, PPRO says it doubled its transaction volumes over 2020. Last year also saw the start-up more than double its headcount to more than 300.
Its portfolio of payment solutions, which includes local payment methods in countries such as Indonesia and Italy, also allows merchants to convert transactions.
PPRO is regulated in the UK by the Financial Conduct Authority (FCA), and in Luxembourg by the Commission de Surveillance du Secteur Financier (CSSF).
It claims to have processed $11 billion on behalf of its customers last year. These include Stripe, Alipay, PayPal, and Worldpay.
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.
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